Do you think it's time to refinance the house loan now?

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I've just went to a few banks and asked for refinance, and I can save up to USD$25K if I do the refinance now. As the economy is going down, and the interest rate has dropped, the banks offer a lower rate for house loan. My current house loan interest rate is 7.75%, and now I can get the lowest one which is 4.75%, it's 2% difference! And with this 2% difference, I can save up to USD$25K. Do you have any plan to refinance your house loan now? Any opinions on this?