Just bought a house, time to refinance already?

[Synaesthesia85]

My soon to be wife and I are 34 and 33, no kids, and just bought our first house in May.  With rates heading downward recently, we're wondering if we should refinance already or if we should wait.  Also, at what reduction of interest rate does it make most sense to do this.  I understand the larger the difference, the more it makes sense, but would a smaller reduction (0.5% or 0.75%) make it reasonable?

Home was purchased for $695k, we are on a 15 year mortgage at 3.625%, initial loan amount was $556k, amount remaining is $549k.

We are in a relatively HCOL, both have well-paying jobs, but I especially would like to retire or transition to less stressful or part time work around age 45 when we are closer to being able to FIRE.  Would like to have the house paid off by then, or be very close to paying it off.  Don't plan to move anytime soon.

Thanks.

[MilesTeg]

It's extremely unlikely that you would come out ahead after paying closing costs on that big a chunk of money. You'd have to provide more info (rates, current equity, closing costs, etc.) to get a more definitive answer than that.

[jtraggie99]

I've seen rates as low as 3.0% for 15 years (got an email about a week ago from my broker who I used when I bought my current house last year).  I would say the bottom line is do the math.  How much will the refi cost?  How much will you save in interest?  How long until you recoup the refi cost?

[SwordGuy]

Use a good online mortgage calculator.   I use Karl's Mortgage calculator.   Test the different numbers and then you'll know.