Yes. Refinancing a fixed-rate mortgage can help homeowners save money by securing a lower interest rate or shortening the term of their loan. For example, if you have a 30-year fixed-rate mortgage, you could refinance with a 15-year or 20-year mortgage loan. And although your monthly payments may be higher with a shorter term, you'll build equity and pay off your loan faster, resulting in less interest paid overall. In other cases, such as when interest rates fall below your fixed rate, refinancing could lead to lower monthly payments. If you're interested in refinancing your fixed-rate mortgage, talk to a mortgage banker about your options.