Looking to refi but am going to wait until rates drop, and I believe that they will, to under 5% on a 30yr. fixed. The present refi closing costs for me will be around $2500. At 5.25% I can save around 185 to 190 per month over present monthly, I am presently in the 3rd. year of a 5 year adjustable at 5.5%. Thus ROI on closing costs will be 25 months. However, there are 2 ways to look at that-when you refi, you in effect, skip one mortgage payment, if you took that payment with you at closing, you reduce the amount you refi, but again, the flip side of that is still present. Just depends on your way of looking at things. If you are staying 1 month beyond the ROI of your closing costs, you are saving money. As far as my take on lower rates in or around March/April, that is just my belief and my financial advisor's. Good luck with your decision.