Multi-rate control has been proposed as a solution to improve the performance of Hard Disk Drives (HDDs) head servo positioning. Some authors report unexpected decrease in performance when using this approach. This paper presents an analytical method to obtain the closed-loop sensitivity function of a multi-rate control system, with estimated state feedback. By using this tool, it is shown why disturbance rejection in multi-rate control may be worse than in single-rate. The paper reports both simulation and experimental results, confirming the possible decrease in performance, when using a standard design for the multi-rate control, even when a first-order hold is used. The paper also presents a novel design procedure for the multi-rate est...