WatchThe thread about the wealthy getting the refi benefits set me off. That's probably true, but there's a sub-market here.
My family is working-class; in our home for twenty years, having put every refi dollar back into the house, which needed lots of work. (another story!)
So we got a 4 3/8% 15-yr. fixed loan in 2009, because I was listening to a radio program detailing how low the ten-year treasury had gone, and I said to myself: "Self?, how much would a mortgage be these days?" We went and got it.
The holder of the note (Citibank) calls recently and offers 3 7/8% 15-yr. fixed. We run the numbers, it's not enough. I blow them off for a month or more but they persist. So finally, I get a person with some authority, and she offers 3 3/8% 15-yr. fixed.
At that point, I say OK. On our loan, we'll save more than $13k by keeping on with the previous payments, and be paid off in 11 years, 10 months. That's a good enough deal to pay $2,300 in closing costs, which is a lot lower than the last refi.
So for some people, it might be worth looking at.