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How is your credit? Both those rates seem high to me, considering that 15 year rates are near record lows. I've received ads (which I know are not guarantees) for FHA streamline refi's in the 2.25% to 2.5% range, so something over 3.5% just sounds way too high to even consider. Definitely shop around.

The average rate on a 35-year fixed mortgage ticked up to 3.42% from 3.35% a week earlier, according to mortgage finance giant Freddie Mac, which conducts a weekly survey of mortgage issuers nationwide.

The average rate for a 15-year fixed mortgage, which hit a record low two weeks ago, also ticked up -- to 2.61%. Freddie Mac keeps records on 15-year average mortgage rates dating back to 1991.

And you can't streamline refi a FHA loan if your payment goes up, even if the term goes down, which means you have to do the kind of refinance that requires a real appraisal (with associated fee) and a bunch more paperwork than the streamline.
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