Line of credit

I have a line of credit at 3.29 and a balance of 168,00.00 which is owed. My house is paid off. Given the low interest rates should I change to a regular mortgage rather than maintain paying off my line of credit and risk higher rates? The house is worth approximately 400,000.

Terry Says:  If you have good credit, you could refi to a 15 year mortgage at a slightly lower fixed rate!  I would definitely suggest that as a better alternative.  But the payments might be larger than you’re making now — because with a line of credit you typically only pay interest payments, leaving the balance unchanged.