With mortgage rates spiking upward due to excessive government borrowing, it looks like we timed our refinancing perfectly. Going forward, a 5.1% rate (30 years fixed) is looking like it will be a fantastic deal. Was it fantastic planning on my part? No. It is good to be lucky once in a while.
If you are thinking about refinancing (and are lucky enough to qualify), I recommend you do so. Rates fall when the government does not need to borrow money. With the massive pork and entitlement spending by our fiends in Washington DC, rates are going up.