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It is possible your bank has the best deal for you, but the truth is unless you are a millionaire or have some special business relationship with them, they do not care about you being a long time customer when it comes to a mortgage anymore. The truth is a bank rate may change a lot in one day since they cannot stop taking mortgages but some banks will say we reached a quota and increase their rate so no one buys from them.
You have to figure out how much you really are savings versus how much your cash flow savings are. If you are 5 years in to a mortgage but you refinance back to a 30 year, even if you save $100 a month in cash flow, you have to keep in all the extra interest you will be paying to the bank. Of course some people it is currently essential the cash flow problem, but you do have to remember all the extra payments you will be paying, as well as the cost of closing cost (and if you take out more money to cover closing costs it just means you will pay the interest on top of that as well).
A good mortgage broker who is truly honest can do this math for you very quickly as well find you a good bank, and tell you whether it currently is worth it for you. If you were in NY I can recommend a broker or two who can do this for you and would gladly talk to you (and they talk with no charge and are the type who will send you away and say it is not worth it since they believe they get more customers being honest).
On a slight side all mortgage people now are required to pass a federal and state exam to get a license, they have I believe until April (maybe May) to complete the exams.
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