Interest-only mortgage rates refer to a type of home loan where borrowers are only required to pay the interest on the loan for a certain period, typically between 5 to 10 years. This can result in lower monthly payments during the interest-only period, making it an attractive option for some borrowers. However, once the interest-only period ends, the borrower will need to start paying both the principal and interest, which can lead to higher monthly payments. It's important to carefully consider the risks and benefits of interest-only mortgage rates before deciding if it's the right option for your financial situation.