Mortgage rates are at their lowest levels in decades, which makes it a great time to buy a home. But it could be an even better time to refinance.

The average 15-year fixed-rate mortgage, a popular term for refinancing, is 4.46% APR — more than a half-point less than the average cost of a 30-year mortgage.

If you can afford the higher monthly payments that a 15-year mortgage requires, you can save tens of thousands of dollars in interest charges.

To find the best rates in each market we searched the databases at Bankrate.com and Interest.com.

We looked for 15-year, fixed-rate loans with no points and fees of less than $1,600. We think this is a great mortgage for homeowners looking to refinance. Read the rest of this entry »