If you've owned and paid into your mortgage for a long time it is not recommended to refinance back into a 30 yr loan, but that is not the only option. If your rate is at 5.5% on a 30yr loan and your 8-10 yrs into it, you can shorten your term to 15 yrs. and obtain a 3.375% rate. That is over a 2% drop and 5-7 years off your loan, and is most cases you may not have any increase in monthly payment with that type of rate decrease. Expand your thinking to make it work to your advantage!!