My little rant on mortgage rate
A two percent drop in interest rates will offset the mortgage fees for most, though not all, homeowners. Second, how much longer are you planning to own this house? If you intend to keep the house for years to come, then it makes sense to do a mortgage refinancing. On the other hand, if you are within a few years of the date you plan to resell, refinancing is not a good option. The exception is when you are leaving shortly, but in the meantime you need much lower monthly mortgage payments. In that case, a mortgage that has exceptionally low rates for a grace period of a few years would be a good choice.