Re-fi?

The ability to now obtain a 30 year fixed rate mortgage for less than 5% and a 15 year for less than 4% is pretty amazing, but this assumes a stellar credit score. And be sure to compare fees before committing to a lower rate. Switching from a 30 year 5% loan to a 3.92% 15 year loan of $200,000 would increase the monthly payment by $400 so if your goal is to lower your monthly payment, this doesn’t work for you even though it saves you interest in the long term.