Take advantage of low rates to reduce the term of your loan. Shorter terms mean lower rates.
Convert your 30 year loan to a shorter-term loan. Sometimes plans change and the home (and loan) that you thought you were going to have for awhile turns from a permanent situation into a temporary one. If you are planning to sell your home sooner than you thought and no longer need a long-term rate, then you may consider converting your 30 year fixed to either an ARM or a 3/1, 5/1, or 7/1 loan program, which often have lower rates and payments.