We recently went from a 7.125% rate in September 2023 to a 6.125% rate offered by our lender with no closing costs. This should save us around $430 per month. While we still need to cover some prepaids at closing, the lender took care of the other fees. Since we plan to stay in the house for 20-30 years, the 19-month breakeven point made it worthwhile. If rates drop to the 5% range next year, we’ll likely refinance again.