Should you refinance now? Depends!
When you refinance, you have to pay many of the same costs you paid when you purchased your home in the first place: attorney's fees, appraisal fees, application fees, processing fees (whatever that is), etc. But many of these costs scale well -- the costs refinancing a $3 million loan may not be substantially higher than refinancing a $50 thousand loan. So a big part of whether refinancing makes sense is the size of your loan -- if your loan is small, you will need a big difference between your current interest rate and the new one.
Use this handy-dandy refinancing calculator from BankRate to get an idea about whether refinancing makes sense for you.