Seems like a decent deal even with a payback period of 16.3 months. I just purchased the home in March and now I have a chance of getting a 30 yr fixed rate of 3.125 with no points. Closing costs are estimated at $2,533 with a credit of $377. Main question is do you think rates will keep dipping or am I being to greedy? Take the 3.125 and be extremely happy in 5 years when rates are 6%+?