How to determine if I should look in to refinancing home?

You missed the boat. Probably not worth it unless you move to a 15 yr loan. But you can always reach out to a lender and see what they can come up with for you.

The rule of thumb I’ve heard is that you want to go down at least 1% for it to be worth the closing costs.

For example, my current rate is 4.875 and I’m locked in at 3.125 now. Just waiting to close. Definitely worth the cost, but I had a lot more fat to trim off than you do.

I agree with the above poster. Realize you have a good rate already. Then, talk with a mortgage broker who can shop around and tell them what percent you are looking to lock in at. Then be patient. With current market conditions the rates will have to come down again.

I just refinanced a 3.625% to a 2.5% 15 yr. will save over 30k in interest with not much change in payment. I’m not in a rush to payoff house but I couldn’t pass it up with that savings. It’ll take a year and a half to makeup the closing costs. I’d look at refinancing if you could make up the costs within 3 or so years and plan on staying in the house long term. Even if I paid more toward my higher rate mortgage I would still have been paying more interest.