Refinancing will prove to be fruitful for you when all of the closing rates are included in the rate and there are no cost rates available. In such cases only a little reduction of the rate will be required.
If monthly payments are the cause of your concern, refinancing can reduce them. Moreover, in certain cases, refinancing can also waive your mortgage insurance.
If you are a homeowner and want to escape a high interest rate loan and take advantage of lower rates then the solution is refinancing. Consider refinancing only if you want to stay in the house for a period of time that will make the additional fees useful for you.
