HELOC Interest Rate

We originally got our HELOC in 2006 with an interest rate of 7.5%.  A few months later they modified our interest to 7.25%.  Because of the drop in interest rates it is now at 4.25%!  

I always pay a fixed amount of $300 every month regardless of the interest due (unless it is more, but it never has been yet).  That means due to the lower interest rate I'll be making a larger principal payment of $138.90 this month, whereas last month's extra principal was $116.03.