The AVPlayer's rate property allows playback speed changes if the associated AVPlayerItem is capable of it (responds YES to canPlaySlowForward or canPlayFastForward). The rate is 1.0 for normal playback, 0 for stopped, and can be set to other values but will probably round to the nearest discrete value it is capable of, such as 2:1, 3:2, 5:4 for faster speeds, and 1:2, 2:3 and 4:5 for slower speeds.
With the older MPMoviePlayerController, and its similar currentPlaybackRate property, I found that it would take any setting and report it back, but would still round it to one of the discrete values above. For example, set it to 1.05 and you would get normal speed (1:1) even though currentPlaybackRate would say 1.05 if you read it. Set it to 1.2 and it would play at 1.25X (5:4). And it was limited to 2:1 (double speed), beyond which it would hang or jump.
For some reason, the iOS API Reference doesn't mention these discrete speeds. They were found by experimentation. They make some sense. Since the hardware displays video frames at a fixed rate (e.g.- 30 or 60 frames per second), some multiples are easier than others. Half speed can be achieved by showing each frame twice, and double speed by dropping every other frame. Dropping 1 out of every 3 frames gives you 150% (3:2) speed. But to do 105% is harder, dropping 1 out of every 21 frames. Especially if this is done in hardware, you can see why they might have limited it to only certain multiples.