<prompt> Human: I know the merits of a 15 year vs 30 year mortgage have been discussed on here before, but I am wanting to get some crowdsourcing advice on whether or not you would refinance in my position with the current rate spread.We bought a house last year, and we locked in the rate at the exact moment that rates were spiking due to the Fed freakout. So we went from expecting about a 3.5 30 year, and ended up at 4.559. The timing was unfortunate, but we couldnt do anything about it. I just saw that the a 15 year refinance is about 3-3.2. Our loan has 393k left on it, and we definitely could afford paying the higher monthly rate. Curious to see what most on here would favor doing, would appreciate the advice!  <response>: A 393,000, 15 year, 3.2 loan would cost you 2,750 a month taxes and insurance. You would pay 495,350 over the life of the loan.A 393,000, 29 year, 4.559 loan would cost you 2,037 a month taxes and insurance. You would pay 709,085 over the life of the loan.If you can afford the higher payment I would suggest refinancing.Alternatively, if you can get a new 393,000, 30 year, 3.5 loan, you would pay 1,764 a month, saving you about 250 per month. Depending on the actual rate you get and the cost of the refinance, even refinancing with a 30 year term might be worthwhile.I would suggest contacting mortgage brokers in your area and getting a good faith estimate on both a 30 year and 15 year. 