Phil, how much is your refinance cost? How many months at the new, lower mortgage payment will it take to recoup that up-front cash to refinance? If you get laid off, would that cash have served you better as a cushion while hunting for a new job, or would the lower payment be better? Look at these questions, and your answer should become clearer. Perhaps other questions will be suggested by the folks here that will fill in whatever I've missed. Good luck.
