Yes you should. Right now banks are at around 5% near me. Talking to the banks, they are starting to raise interest rates again because they are getting overwhelmed with re-fi's and they are trying to slow things down. Its unlikely that rates will drop to below 5% anytime soon. And even if they do.......if it drops another point...you can always re-fi again. For my re-fi, I am keeping my payment the same, which means I can pay off my home in 10 years. With extra payments, I can cut it in half.