Apparently mortgage rates are insanely low right now - yes, even more insanely low than usual - and the people who buy up mortgages are desperate for good quality loans to buy. As a result, we currently have the opportunity to refinance at ZERO cost to us - the bank will pay all costs and recoup the difference when they sell our mortgage off. (Yes, mr. flea said, "Hang on, explain that one more time?" to our banker.) We can go from our current rather decent just-under-6% rate to something like 4.75 for free, which doesn't seem like much but cuts $150 a month off our payments and reduces the interest over the course of the loan by more than 100K. If we were willing to pay points (we aren't, because of the uncertainty of mr. flea's employment) we could get a rate as low as 4.26% (for 20% down, good credit, 30 year fixed rate.) If you've thought about refinancing, definitely look into what a reputable bank can do for you right now.