My little discussion about mortgage rates
You need to stay in the house long enough for the savings from the lower interest rate to outstrip the refinancing fees. If you plan to hold the house only a little while longer, you will not reach the break even point, and will probably lose money on the deal. Another reason to refinance mortgage loans is to get a lower monthly payment. If you are pinched financially, cutting the amount you pour into your mortgage each month can reduce your stress significantly. You can lower your mortgage payments by refinancing to a mortgage with a longer term, which means a higher total bill but a smaller monthly bill.