For years, refinancing was considered to be worthwhile if you got a rate that was 1 to 2 points lower than your current rate. However, because of today’s historical low rates, a half point drop makes up a larger percentage of your existing rate, thus making it potentially worth your time. (Again, depending on if you plan to stay in your current house for the long term and a refinance gives you a better interest rate and/or repayment term.)