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Jim Grant on rising bond yields: The market thinks the Fed may have overdone it�Mortgage rates can vary due to factors like economic conditions, inflation rates, and central bank policies,� says Quigley. �When rates rise. The monthly payment may change to reflect increases or decreases in taxes and/or insurance. You may have a buy-down clause in the terms of your mortgage. Escrow is the usual cause. If you are paying insurance and taxes via your mortgage, these amounts can change (usually increasing) each year.