It makes sense to watch prevailing interest rates. My CDs aren't paying doodly-squat, but mortgage rates are very low, so we're refinancing the house. We are locked in at 4-1/4% right now. Our old mortgage was at 6-1/2%. I always go for fixed rate loans. I don't like the idea that the rate could skyrocket (and with it my payment) from year to year. I want to know what it is and keep it there for 20 years.
In exchange for our paper shuffling (gathering, copying, and signing documents, mostly) we get to save almost a hundred dollars a month for the next 20 years.
Not bad for a day's "work."
Maybe it's time for you to ask some questions about your existing mortgage.
What bank will you call today?