Forum about home loan rates
But, mortgage refinancing is more than just lower interest rates. You can also either increase or decrease the term of your mortgage, which has a direct effect on the amount of your monthly payment. More of the monthly payment of a loan with a shorter term goes toward paying down principal as the interest rates tend to be lower. The upside is that your total interest costs over the life of the loan will be lower. The downside is a higher monthly payment.