Should I refinance my home mortgage?

[warp9732000]

I recently bought a condo (July 2008, 180K mortgage).  I selected a 30 year fixed rate plan, and i got a 6.625% rate.

Obviously things have changed significantly over the past few months economically.  I've read that refinancing isn't worth it unless you gain 2 percentage points in a rate and i don't think that has occurred (yet), but I'm having trouble finding a true interest rate that lenders could be offering me at this time.

For reference, my credit score is pretty good (740) so that shouldn't affect things too negatively.  I'm sure there is more information that may be needed, if so just respond back and i will try to provide it for a more complete answer.


Thanks!

[Brent]

It also depends on how long you are going to be in the property.  If you owe $180K then every percent saved will save you $1800 a year in interest.  Figure up how much a refinance is going to cost you then determine how much you will save per month.  Then you can easily calculate how long you will need to keep the house to break even.