Refinancing might be right for you if...
Your rate is 3.5 or higher and you plan to stay in your house for a few more years.
If you currently have a VA or FHA loan, you can do a ‘streamline’ refinance without a new appraisal and an easier process than usual.
You switch from a 15-year to a 30-year. The payment may be a bit higher, but
the savings will be huge!
Pay off other debts such as credit and car payments; this could really help your monthly cash flow and lower the wealth-sucking effect of the high rates you are paying on credit or car loans.
You're looking to drop PMI off your loan.