It's a common question: Should I refinance my mortgage?

With lenders quoting rates below 4 percent, the answer would seem like a no-brainer, too. Yet, when mortgage rates drop to new lows, homeowners often wonder whether it's "worth it" to refinance at all.

When mortgage rates drop, there are two main arguments against refinancing. Both can be misguiding.

The first says that it doesn't make sense to refinance unless you lower your mortgage rate by one percentage point or more. The second says that it doesn't make sense to refinance if you're going to move before your loans hit its "breakeven" point.