A fixed rate mortgage loan would have the same rate of interest throughout the term of your mortgage as most of ht mortgage loans are of this variety. In case of a adjustable rate mortgage the rate of interest changes periodically based on either because f the change in economic indicators like treasury bill rates or because of the contractual agreement. The adjustable rate mortgages are also known as variable rate mortgages. The graduated payment mortgage include rate which change which depend on where you are on the timeframe of the mortgage loan. During your early mortgage you will have lower payments to make, but they would gradually increase in the later years. Short term and long term mortgages also offer you different rates for the mortgage loan. The shorter term mortgage loan would save your money because the longer the mortgage the more money the company would make.