The answer lives in the gap between the rate you have and the rate you'd qualify for today, and what it costs to close that gap. To run it for real, we'd need your loan-to-value and credit score. The general test is simple. If your current rate sits well above what a well-qualified borrower with equity can get today, there's likely savings on the table. A no-cost refinance deserves a special look, because with no closing costs to earn back there's essentially no break-even, and even a modest rate improvement can put money in your pocket from the first payment. Paying costs to buy the rate down further captures more monthly savings, but it creates a break-even you have to clear, and our lean is against paying points as a default. If you want that side-by-side anyway, it's something some people want to see, and we'll run the comparison for you. If the numbers aren't there yet, don't force it, and don't try to time the bottom, because nobody can promise where rates go. Get on a strike-price list with a realistic target so you're notified the moment your rate is achievable. Then you're acting on data instead of a guess. The honest answer for your specific loan needs your real numbers run against today's pricing, which is exactly what the free Roadmap conversation does in about 20 minutes.