With interest rates still dropping, I'd love to be able to refi again. We refi'ed in August 2010 (4 yrs into a 30 yr loan) to a Pen Fed 5/5 ARM at 3.25%. The local credit union has a 7/1 (15 yr) for 2.5% but with a 1% origination fee and closing costs, we would just break even. The same goes for the Pen Fed 10 yr FRM at 2.5%. Projected payoff is eight years so I really don't care about the term (i.e 10 vs 15 vs 30 yrs) of the loan, only the interest rate. Is there anyone other than PenFed who has no closing costs loans for 2.5% (no points) or less? TIA.

-Steph