Refi 15 year to 30?

[mrigney]

So I have a 15-year mortgage. 3.125%. Original balance was $135k, now at $100k. With 30 year rates dropping so much, at what point would you refi down to a 30 year? Currently local credit union offering 3.5% on a 30-year. At some point, seems like I should refi back down to a 30-year.

[mozar]

What is the exact amount of your mortgage? A lot of places won't refi under 100k so 99,990.00 won't cut it.
How many years left on your mortgage?

[Goldy]

The only time I have seen this make sense is if someone was nearing retirement and wanted to reduce their expenses and therefore income to qualify for ACA etc.