The Buffalo News: With mortgage rates down, the rush is on to refinance 15 Year and 30 Year historical fixed mortgage rates So, is refinancing on anyone's radar? When I got word that I would be relocating from California to Texas last November, I made sure I did everything to expedite purchasing a home, including getting pre-approved for a mortgage. Because of California tax laws, I couldn't touch money which I had set aside for a home purchase until I became a resident of Texas, thus I had to take out a 30 year fixed mortgage at 4.875%. (I don't believe in Adjustable Rate Mortgages (ARM)... they tend to tick too much). My plan was pay off a good chunk of the principal, then refinance the remainder into a 15 year fixed mortgage sometime next year after tax time. That plan was accelerated with the drop in mortgage rates this past summer. Now, I'm under a 15 year fixed rate at 3.25%, although it took almost two months to process, and the rate has dropped slightly since I first applied. Anyone else considering refinancing their home?