When John and Goldie Oliver learned they could cut the life of their mortgage in half and pay just $25 extra a month, they jumped at the opportunity.

The Olivers-a Broken Arrow, Okla., couple with three children and another on the way-are refinancing their 30-year mortgage with 15-year debt, taking advantage of a two-month plunge in interest rates that drove home loan rates to 17-month lows last week. Over the life of the loan, they'll wind up saving about $116,860 because they refinanced.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.