If you have decent credit, now is a great time to refinance. 30 year rates are at less than 5%, and you can even find a 15 year loan at less than 5% if you have a good loan officer watching for you.
Am sure this is not an option for everyone, but most financial planners will agree, getting that interest rate as low as possible and keeping the term as short as possible is one of the best things you can do for your long-term financial health. There are a number of easy mortgage calculators you can use to figure out just how much you can save and how long it will take you to "break even" on any closing costs, etc. you incur from a refi.
Anyway, enough amateur financial advice -- if you're interested in a refi, be sure to call up one of our great local banks and give them an opportunity to go to work for you.
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