I would only suggest a refinance if you plan to keep the property. If you do, as Ray mentioned, be careful, a lower rate comes with fees that can offset the savings for a while. You may find that refinancing at a shorter term, like 10 or 15 years can get you both a lower rate and keep the payment pretty low too. I'd be surprised at any home in Seattle that's only worth $100k. It may be worth more than you think.
Selling would be something the greater market would like, there is a shortage of inventory everywhere but this is the last reason to consider doing it. Is the home something you would want to live in or rent out as an investment? Is it in need of updating or deferred maintenance?
As Kary mentioned, discuss what you are allowed to do with the home with an attorney, preferably the one who drafted the trust, so you can make well informed decisions from here.