Shall I refinance my mortgage?

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I closed on my house last year with a 5.0% 30 Fixed loan. My Unpaid Principle is 200k as of Feb2010. Now the rates are even lower than last year’s. I am very tempted to refinance my mortgage with a 4.25% 15 years fixed. My calculation shows the monthly payment will increase about $ 400-500 because of the shorter term, which is not a big burden for me…Shall I refinance my mortgage?
more details on the mortgage: The refinance would be a ‘No Cost Loan’, which means I will pay nothing. Appraisal and title fees will be covered by the broker. However the interest rate would around 4.3%, instead of 4.2%


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