When would be prime time to refi? Now? A year from now?
Take a personal inventory and make a plan based on it.
What are your goals? My goal was to gain equity in my house and eventually pay it off. Basically an impossible dream.
But also to invest long term in the markets.
I hooked up with a really good broker here in Silicon Valley.
He sold me a series of no cost loans minimizing interest expense while affording a reasonable time cushion; generally 5/30 term loans.
I also got taken for perhaps $100K by a wanna be contractor who did a lotta work on my home; I had a huge mountain to climb.
I made payments based on a 30 year loan or higher, used every bonus I got at work and took no vacations.
I drove Toyota pickup trucks and used Hondas.
I was also very lucky to be part of the Silicon Valley explosion starting in the '90s.
Once in awhile I would sell a small portion of my stock options and put the money on the loan principal.
All of a sudden $600K in debt became close enough to zero. I now own a $2M home free and clear in Los Gatos, CA.
FYI renting a 2 bedroom apartment around here is maybe $3,000 per month. I could easily rent my house out for $5,000 per month. Maybe $6,000.
I would not take a loan that had points or costs. I would not be afraid to refinance over and over if it benefited me.
Even if you take a 5/30, keep it for 5 years and then rates are higher, you have had 5 years of lower interest expense. And more equity vs debt...
And (hopefully) you have put in extra $$, tons of extra $$ over the regular payment.
Rates are at all time lows. But remember, it is not the rate, rather it is interest expense that you want to minimize.
If you are not disciplined enough to make extra payments and want a safe long term commitment, I would look at a 15 year loan if your budget allows for the higher payment.
One more thing; and this is the most important in my opinion.
Invest in your self first. College, whatever. Just do it.
I joined AA at 33 and got my 1st degree at the age of 40.
Oh yeah, now I can drive any car I want.