When discussing second mortgage interest rates, you must understand that there are two types and these can vary drastically.
Fixed rate loans never change during the period of the loan. What you pay in the beginning is what you will pay all the way through unless you renegotiate the second mortgage loan.
ARM or Adjustable Rate Mortgages however, can see the interest rate going up or down depending upon several factors defined in your mortgage agreement.
Some second mortgage lenders seem to be fond of quoting ARM loans because they can quote lower interest rates. Be sure of what you are talking about when discussing loan interest rates so that you don't get to the paperwork or even into the loan before you learn that this wonderful rate that has been quoted to you isn't what you thought.