Don't no where you live but if it's California definitely time to refinance. I already have a great deal at 3.5% but I'm looking at putting a new roof on my house & want to add heat & air & other improvements including going solar. Just locked in a deal for 30 days at 2.85 30yr fixed plus taking 50,000.00 cash with no points. Don't get me wrong it will cost me 2,750 which will be taken out of my 50,000 with 0 out of pocket. That leaves me with 47,250 in my pocket. Not in big hurry to do improvements, roof should be fine for at least a couple more years. Will stick that money in a CD to keep it safe & maybe make a little more but most important keep that money out of my hands. Will pull the trigger for upgrades when I feel it's time. Should get huge write off for going solar plus California is giving huge incentives to help make California green. Take advantage of this piss poor situation we are all in at this terrible time. Just remember 0 out of pocket cost & never except any fees especially that bullshit appraisal fee. If it's not free shop around, I did & got appraisal for free. Signed all doc's today & faxed all appropriate information to them, meaning I'm under review. Next step once approved, another round of paperwork & after I except their offer will still have 48hrs to back out if I think I could do better or have cold feet. Wish me luck & will let you no how I did. Might even do improvements before I need, only if contractors are hard up for work & willing to give me one hell of a deal.