It has been quite the roller-coaster ride for homeowners in the last year with interest rates steadily increasing. This has caused a lot of stress for those thinking about renewing their mortgage. Bonnie and Clyde find themselves in this situation as they bought a home in their first year of marriage and currently have an outstanding mortgage balance of $175,000. They currently have 14 months remaining on their mortgage which is at a fixed rate of 4.5% compounded semi-annually on their five-year (60-month) mortgage term. The current five-year fixed rate of interest for a mortgage is 3.1%, compounded semi-annually. Since interest rates are now slightly lower, they would like to blend and extend their existing mortgage for another five-year term