Yes you can, but it will require a refinance. With out refinancing you are stuck where you are. Also, APR is not the interest rate, but rather a combination of interest (Note Rate) and the fee’s you paid to refinance. APR does not impact your monthly payment, your note rate does.
If you are behind or getting behind you can request a loan modification, but only if you are underwater, or behind. I modified a loan this week at 3% fixed rate, simply because the lender did not want the home as the borrrower owed more than the home was worth.
The final option with out knowing details of your situation is the http://www.homeownershipaccelerator.net/ Mortgage Accelerator, or otherwise called the Aussie Mortgage. It is a first lien, hybred checking and mortgage that will pay off the mtg in 12–16 years without spending more than you are currently paying. One needs to fully document their income for this loan and be under 90% LTV.
Do not be misled by copycat programs that are a Second Lein. PM me for more info if you like.
The Reverse mortgage is ok for folks 62yrs +, but not for everyone.
My suggestion to many of my clients is to rent. I rent a home for 66% less than if I owned it. Real Estate will continue to drop in value for the next 5–7-10 years, so to sell and rent would be the answer you you are not looking for, but it is the answer nevertheless.
Real Estate is a liability, not an asset.