When is the appropiate time to refinance a home mortgage?

For a $ 150,000 loan. They are in their 3rd month of paying with too much interest. Would getting a 15 year fixed rate mortgage lessen the amount of interest paid? They want to pay the house as soon as they can, Monthly payments are roughly $ 1,130. How does it work?

Best informative response gets the points,

Thanks!
3.5 % Interest rate

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