Dan is right. 5.25% is the approx "market" rate right now so if you want to refinance to a lower rate you will have to pay discount points to buy the rate down. The rule of thumb is when you refi your rate, try and reduce it by about 1% or it is probably worth it. Discounting a rate that low will probably cost at least 2% in pts which alone will take around 30 months to recover.
However, if you are looking at all of the other fees involved, BofA Home Loans only charges a $550 lender fee and no orgination fees to start. If you have any questions about closing costs, feel free to let me know.
Bank of America Home Loans
Why are you looking to refinance if the rate is so low? Depending on the scenario (cashout, credit, LTV,etc) you should be around the same rate, give or take an .25%. For a more accurate quote, please give me a call or send me an email.
Sr Loan Officer
800-793-9633 ext 185