For refinancing, get the quote(free of cost) and than calculate how long does it take to recover your refinance cost. I just refinanced my loan to 20 year. I got 3.375 rate with total refinance cost of 2000 with zero point( that includes Appraisal fee, credit report, closing cost, Lender's title insurance and processing fee). You need to ask yourself how long will you keep your home. If you plan to sell it with in next couple of year then refinancing is bad idea. In my case, I will recover my refinance cost in about 1 year, and as i plan to stay longer than 1 year, its good for me to refinance.