[Dude]

my while to re fi at4-5% ?

[allardja]

This is going to depend on a few things. How much will your closing costs be? How long do you expect to be in the house? Figure out your monthly savings and see how long it will take for the closings costs to be covered. I suspect just a few years. If you don't plan on moving any time soon, then it would be worth it. Good luck!

[Matthew]

I've done the math and I think if you save 1% it's worth it. Unfortuantely rates are now back up to 5.25 for 30 year but a few months ago they were 4.8%. I heard someone say the low was 4.6% but I never saw it without points in NY. The big factor is closing costs which are generally 1% of the loan. So, if you don't save at least 1% in interest payments it doesn't really do much for you. So, if you can get 4.7% and costs at 1% of the loan or less go for it.

[K V]

I was told that, to make it worth while and to actually save money that if it's 1.5% less or more than your current interest rate, than you will save money. But be careful now a days, some finance places raise the other fees to make up for the low percentage rate so they don't lose money. Get everything in writing so there are no hidden costs before you refinance your mortgage.