How long will it take to recover the monies spent on the refinance? The break even point could be 18 months to five years down the road. Will you be in your home long enough to recoup the fees? And, if you haven't yet recovered the fees from your initial closing costs, those would just get rolled over on top of additional settlement costs.
Does your current loan contain penalties for early refinancing? Many loans, including the popular sub-prime loans of recent years, invoke a penalty period extending three to five years into the loan. Ask your lender about any prepayment penalties for refinancing your loan.
Insurance premiums are going up. One company recently raised its rates 7.3%. Lenders require a home owner's policy before closing, demanding a year's worth of premiums paid in advance. That's a big chunk of change to add into the total tally of costs.
Are you more than halfway through paying off your current mortgage? If so, refinancing may not be worth the time and expense.