I did a 10 year re-fi for 3.15% a few months back for zero closing costs with Cashcall. I mean truly zero closing costs other than a $175 fee to close the old loan, which had nothing to do with the new loan. You should look and see if you can drop yours and start again.

Thanks all. Still looking at a few other options..

Another consideration in choosing a term is whether you've got any other debt that you should focus on repaying before the mortgage. We just recently went from a 20yr to a 30yr for that reason -- mortgage rates are so friggen low right now, and my wife has another (far smaller) loan at 2X the rate that we can pay off more quickly with a lower 30yr mortgage payment. Plus, obviously other personal interest is not typically tax-deductible whereas mortgage interest still is (for now).

Rates are so low now that our payment is just about 1/2 what it was when we bought this place 10 years ago. All interest. That is just mind-blowing. And rates were nowhere near historical highs a decade ago.