Your question is very timely. I have to make the assumption that you plan to stay in your home for a while. So in that case, yes, explore your refinance options – and soon. Interest rates are attractive right now, and without a crystal ball, I can’t tell whether or not rates may be higher in the next 12 months. Do not bet on the future; rather, take the rate you can get today. I like fixed-rate mortgages, because you can budget for them now, for the life of the mortgage. As with any financial product or service, it pays to shop around. Start with your current lender to get a point of comparison from which to work. Don’t forget to check both the rates and the closing costs, so you get an apples-to-apples comparison.