In 2004 we took out a 15 year mortgage at 5.25%. Good rate - still making the payments okay (as long as the jobs hold out). If by some chance rates do continue to go down, would it be worth it to re-finance? I have always heard you need at least one percentage point and plan to stay in your house a few years to recoup the closing costs. I am thinking that since we are almost five years into the loan, it probably would not be worth redoing since I don't want to extend the loan. Thoughts?
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