It depends. You’ll want to be sure the current market rate is at least 2 points lower than the rate on your current mortgage. Speak to lenders to see what rate you can get.
Don’t forget to consider additional fees and costs. After considering all the costs, get a quote of your total payment after refinancing. If you want to find out how long it will take to recover the costs of the new loan, divide the closing costs by the amount you’ll save each month on payments.
If you’re planning to sell the home soon, it may not be worth the additional financing costs.