In this paper, we consider a status update system, in which update packets are sent to the destination via a wireless medium that allows for multiple rates, where a higher rate also naturally corresponds to a higher error probability. The data freshness is measured using age of information, which is defined as the age of the recent update at the destination. A packet that is transmitted with a higher rate, will encounter a shorter delay and a higher error probability. Thus, the choice of the transmission rate affects the age at the destination. In this paper, we design a low-complexity scheduler that selects between two different transmission rate and error probability pairs to be used at each transmission epoch. This problem can be cast as a Markov Decision Process. We show that there exists a threshold-type policy that is age-optimal. More importantly, we show that the objective function is quasi-convex or non-decreasing in the threshold, based on to the system parameters values. This enables us to devise a \emph{low-complexity algorithm} to minimize the age. These results reveal an interesting phenomenon: While choosing the rate with minimum mean delay is delay-optimal, this does not necessarily minimize the age.