Is it smart to refinance your mortgage in the first year of a new loan for a lower interest rate?

My husband and I purchased our home in March of 2010 for a 30 year fixed rate of 5.75%. Our loan agent notified us that he can now refinance us at 4.75 or 5.00%. I was just wondering if it is smart to do this within the first year. Im assuming that this is the lowest rate that we will ever get, but with the economy I don’t know. Any advice would be greatly appreciated. Thanks.

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