That 2 percent thingy applied when mortgages were 8 to 10 %. If you go from 5.75 to 3.75, that’s a 35% decrease in interest costs. That is the same percentage if your rate were to go from 10% to 6.75%. Who wouldn’t jump on that one?
If the payout (savings in interest costs) pays for the refi costs in 3 years or so, it is found money.
Makes sense.