Refinancing to a lower rate is not for everyone. There are many valid reasons why homeowners cannot or should not refi. But with mortgage rates dropping back down to the low 4% range for 30 year fixed rate mortgages, now may be a time for the millions of homeowners holding loans averaging 6% interest rates to take another look. Aaron Task at Yahoo has a good interview and article about this subject. See: http://finance.yahoo.com/blogs/daily-ticker/millions-of-americas-are–leaving-money-on-the-table—the-case-for-refinancing-160624787.html
For those homeowners who didn’t refinance over the past few years because of the difficulty of qualifying or their home value was too low, it’s especially a good idea to take another look. The landscape has changed with respect to both.