Should I refinance my home loan?

We bought our house last year at this time with an interest rate of 6.375% We are looking to refinance at 5.75% and consolidate some student loan debt that has a higher interest rate. When I talked to a my lender they said I would need to pay about 1500 to refinance. With the extra amount from other debt combined with the lower interest rate, it looks like our monthly payment wouldnt change much at all from what we pay now. Plus, I plan on using the extra money, that would have originally gone to other debt, to make higher mortgage payments. Is this a good idea or no? Are interest rate expected to go further down?

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