Time to Refinance?

Mortgage rates have dropped recently, to an average 5.5% fixed rate for a 30 year mortgage.
While there’s talk of the treasury trying to arrange for a 4.5% rate, this rate is only for new home buyers, not refinances. On a $200K mortgage, this would only be a difference in payment of about $120, not quite enough to prompt you to move down the street. But that 5.5% rate may save you a few dollars as well, and offer a chance to get out of the ARM you may have been talked into a few years back.
Joe