I refinanced my house recently from 6.25% to 5.00%. I did not pay any points and the cost of the refinancing will be recovered in less than seven months. It was a no-brainer.
I have several friends who have refinanced as well. Many of them report that they have obtained 4.75% interest.
People with 80/20 mortgage arrangements are discovering that they are saving a TON of interest by refinancing and obtaining a conventional first-mortgage only.
Have you refinanced? Have you considered it? It can cut YEARS off the repayment or it can provide margin in a very tight budget.
I really like the refinance calculator over at CNNMoney HERE.
Check it out, and then let everyone know what type of deal you got!