Explore mortgage rates
If your mortgage is $100,000 and your interest rate is 7%, halving the term from 30 years to 15 drops the full cost of the loan from $239,509 to $161,789. * A different type of mortgage. Switching from an adjustable rate loan to a fixed rate loan when you refinance mortgage loans can lock in a much lower interest rate. This is especially appropriate in an economy like that of summer 2009, with rock bottom interest rates starting to recover and much higher rates on the horizon. On the other hand, switching from a fixed rate loan to an adjustable rate loan can allow you to enjoy falling interest rates when a drop is on the horizon.