The houses worth a lot more today compare to when most of you bought it. Many of the factors have been changed for you since you took out your mortgage. Same way your income must have significantly increased too. This might effect the terms of a mortgage. If your job is steady, make your payment on time, and have been living at the same place for long time then you will end up getting a better credit score. Having a good credit score is the most important factor of all to get better interest rates. 

Current interest rates are still very good, and there are a lot of mortgages out there that were fixed at rates significantly higher than those lenders are selling at the moment. Normally the fixed rates are higher then the rates available today. If you have a variable rate mortgage, then it will vary up and down upon current interest rates.

You need to consider to refinancing the home at more preferable term and repay the old mortgage. If any of this term seems familiar due to your current situation to you might need to consider refinancing your home. The re-financer will charge you a fee for arranging the loan, and there may be early repayment fees on your existing mortgage so you will wish to check these out before you proceed. Having your saving is always a better option rather then going thru all types of fees. At the end as you save some money from a lower mortgage repayment, its all worth refinancing the house.