Things work a little differently in Canada, we have a HELOC but no mortgage. The rate is variable already so it's been dropping. When we first took it out in Aug 07 it was 6.5%, before everything crashed it'd already dropped to 5.8%. It is now 4.25%. The HELOC is almost maxed out but our payments are almost $200 less than they were when we first took it out & it had half the balance on it.