I purchased an apartment 3 years ago. The interest rate climed to 15.5% over the years. Now that the interest rate is decreasing due to the crumbling economy I would like 2 know if I can fix my mortgage loan at the lower prime rate? Will there be additional charges?

You can refiniance the loan and your current mortgage holder may be your first stop. Check with them on line and also contact a few other lenders. I refinanced and my local bank, Chase, ended up with the best deal of 4.5% with 1/2 point.

Thanks for the advise. I didn't know that your interest rate is so low. Wow! I live in South Africa and I've just heard that the interest rate is coming down by another 100 basis points so it will now be @ 12.5%

I know nothing about interest rates in foreign countries so check with your current leander so see what their rate is today for new borrowers.