With rates being at near an all time low is there any reason not to refinance? I understand it could potentially lower your credit score a bit, but other than that if you are paying off a 30 year fixed it almost always makes sense to doesn't it? Example: We're currently at a 3.625%, current rates are 3%. This would save us x number of dollars on our mortgage. It costs $1,500-1,600 in fees, dividing that number by x means that I would have the fees paid off in roughly 18 months.