One of my children just purchased a new home at the lower rates, and I think the low rates are mostly helping new home buyers instead of those that need to refi. Not all, but many of those that would benefit from a lower rate also purchased homes or refi'd when the market was inflated...and it's practically impossible to refi an upside down loan.
Quite a while back, and a long time before the bubble started, when the rates dropped very low I refi'd one house that already had a great rate, but the lower rates being offered at that time justified the few thousand dollars in closing costs.
I hope anybody that can make a refi pay off for them takes advantage of it.
Make certain it is a fixed rate loan. If not it can go up to the point it cannot be paid. I have seen so many people who took the very low interest and ended up losing their homes as the rates climb. My recommendation be wise with your loans. Read the fine print. Can your loan be sold? If so can they ask for the entire price of the loan at selling? There is more to it than intial %. Good luck Gloria jean
Mine is also paid for, otherwise I would not be retired.
Be careful as Crazyhen said. If you can lock the low rate in now, that is great. But don't go for any of that fancy stuff that got so many people in trouble. Lock that same rate in for the life of the loan. Inflation is going to hit at some point. Rates are going to go way up at some point. I don't know when, but at some point it will happen. It always has in the past. We have never been able to solve world hunger for all time, no war has ever ended all wars, and no government manipulation will ever end inflation for all time.
If you can, it is a great time to take advantage of the opportunity. It is legal and it is ethical.