As a result, the investors would demand higher mortgage interest rates from their lenders. To sell their loans, lenders will increase their mortgage interest rate yields. This drives mortgage interest rates even higher. When the economy goes down on the other hand, the same thing happens with mortgage interest rates, but in reverse. Mortgage refinancing won't come easy for these types of people. Customers who are interested in mortgage refinancing also receive pre-qualification tests and credit checks like all other customers. Customers with a few late payments or high credit card balances will have trouble finding lenders who are willing to give them mortgage refinancing loans. Fixed rate mortgage loans are characterized by fixed rates and monthly payments that are generally for a 15-year and 30-year periods. Fixed rate mortgages are popular in the consumer market because of its stability. Most consumers are hesitant to get house loans where the rates fluctuate with the changing interest rates of the market. To attract investors, sellers of bank rate mortgages and bonds in these capital markets compete with one another. This is done by providing their consumers with a variety of products, such as bonds and bank rate mortgage. These bank rate mortgage products have varying levels of risks and gains over given periods of time. Adjustable rate home mortgages generally have lower interest rates compared to fixed rate home mortgages. But this low interest rate in adjustable rate home mortgages is only for a short period of time. After about a year, the new interest rate of an adjustable rate home mortgage will either rise or fall, depending on the movement of the lending company's prime rate. With a variable rate mortgage interest rate of less than 0.60% for a full five-year term, ING Direct variable rate mortgages are among the top-sellers. As an added bonus, consumers who buy their variable rate mortgages from ING Direct have the option to convert their variable rate mortgage into a fixed rate mortgage of 3 years or more.