WE owe $50.000 on our home which is worth $450.000 (Interest Fixed 7.85% ) excellent credit rating.
I am only interested in a lower rate. Not borrowing any money. Paul.

Probably not. You seem to owe more than the house is worth so you may not be able to get refinanced anyway. If you can, I doubt the rate would be much lower because of the lack of equity in the house.