Lowering your interest rate can save you a ton of money. Interest rates constantly fluctuate (daily for some lenders.) So unless you locked into a record low rate, chances are you're giving up a whole lot more of your hard-earned money than you need to. With a lower interest rate, you'll have smaller monthly payments, and could save tens of thousands of dollars (or more) over the life of your mortgage. That's money that could go to college tuition, family vacations, your retirement, or anything else you can dream about.