How much of a point drop do i have to have to making refinancing my house worth it?

Inger
2% is what is recommended. The cost of refinancing can be steep and anything less then 2, you never realize the savings.If you can find a no fee, no points the go for it.

Colette
Worldly2 and Chessdud are both right. If you are not going to save enough to offset the costs of refinancing in the time you expect to remain in the house then keep your current mortgage. When shopping for a mortgage you need to keep in mind how long you intend to stay in the house. If you expect to be in the house for a relatively long time then go for a fixed rate mortgage. If you expect to move in 2 to 5 years then look for an adjustable rate mortgage. People often go for an adjustable rate mortgage because of the lower initial rate when they expect to remain in the home for a long time. They then get caught up in rising interest rates when their rate adjusts.

Glynis
There is no single answer, as it depends on many factors, not the least of which is how long you expect to stay in the house and what you will pay in closing costs to refinance it.Compute your cost to refinance (reappraisals, loan fees, etc.). Then compute the amount your loan will change and the amount of interest you'll save each month. Cost divided by monthly savings gives you the number of months it will take to pay back your up front cost. Do you expect to stay that long?