should i refinance my 30 year mortgage at 5% interest?

i have a 150000 dollar mortgage on a 30 year loan at 5% interest i’ve been paying it off with extra payments every month for 1 year. i can refinance now at 4.25 percent . i plan on living here my whole life and want to use the extra money i save on refinancing to make even larger principal payments . is this a good idea or should i wait to see if the interest rate drops farther?

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