Your home will likely be the greatest investment you ever make. When you purchase a home, you are acquiring something with great equity potential. That means the value of the home may increase more than what you pay for it. You cannot guarantee that a home will increase in price, but barring very odd circumstances, it likely will. One thing that could undermine the ability to see a home increase in value would be a mortgage with a ridiculously high interest rate. If a high interest rate combines the cyclical nature of the real estate market, you might end up paying more than what the home is worth. Many will be able to weather the ups and downs of the real estate market with the right mortgage rate. If you do have a terrible mortgage interest rate, you should take the steps to refinance.
If you really want prodding to do this, you should run the figures of what you are paying through a refinance mortgage calculator. You want to look at the results and them make the best determination as to whether or not to refinance. If you are paying too much for what should be a great investment, you definitely will want to refinance.