With interest rates still remaining extremely low, the thought of refinancing may make some sense to you. Determine what your motivation is and move forward from there. The prospect of reducing your monthly payments in this market may seem attractive, but it is a risk that things will improve in the near future.
Remember, refinancing will end up adding at least closing costs and probably more interest on the loan to save you some short term out of pocket expenses.
MSNBC has a good set of questions to ask yourself as you consider refinancing. Go here to see the article.