In a word, No. Historically, 8% is not a bad rate. Save the money it would cost to refinance and add additional monies, directed to the principal balance every month, and this will save you far more money than any refinance, if you do it consistently every month. Use your tax refund to make an extra payment or more every year, for the most significant savings. This will shave YEARS off of your mortgage and save you thousands in interest. Interest can only be charged on the outstanding balance. Good Luck!