Yes, althought that's a very big drop. If you bought a 1.5M house (20% down) at 4.5% your mortgage payment is just about $6K. If you refinanced down to 2.5%, t

Yes, althought that's a very big drop. If you bought a 1.5M house (20% down) at 4.5% your mortgage payment is just about $6K. If you refinanced down to 2.5%, the payment is now $4.7K.