When is it the best time to refinance a mortgage???

Question by Sandy: When is it the best time to refinance a mortgage???
I have my own thoughts on this, but wanted to hear what others think or have done themselves in the past. Lets say someone has a mortage at 7.5 fixed rate. How far should rates drop before a person should considering refinancing and it really benefitting them???. 1%, 1.5%, 2%

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