Should I refinance your mortgage?

I saw the title of today that mortgage rates will fall, which forced me to think about my question … I have about $ 115k in my house, valued at approximately $ 180k. I’m in my fifth year at a rate of 30-year loan at 6.125% I currently pay about $ 1050 (plus about $ 150 extra) per month. My credit is very good. I could easily afford to pay $ 1500 or $ 1600 per month mortgage payment. Can I do it, and I’ll try to refinance now? If yes, do I go for the loan of 20 years because I could probably make the payments and the possibility of obtaining a lower rate?

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