I think it is something to look in to. It depends a lot on do you need the monthly savings rather than "is it going to cost me few thousand dollars over 30 years". Even though we can all provide some reasonable advice no one will know or be able to determine if this is something that you will benefit from without going over your situation in more detail. To address the rate I wouldn't say that it is too high or that there is better; it also all depends on how the upfront fees are structured on your particular loan. The truth of the matter is this, the bank is going to get paid either way, either on the front of the loan or the back of the loan. If you are interested in discussing your situation in further detail, to see if this is something even worth while pursuing feel free to contact me.