Although I'm not in your area, Yes, definately Refi, my 7/1 Arm today is at 3.125%, unless you owe less than $50,000 and/or moving next year, it's definately worth the savings.

hello. our 10/1 arm is at 4.0% and now would be an excellent time to lock in and save for the next 10 years.

Have your lender run a cost benefit analysis which will provide you with the numbers and your overall benefit. Though in general it sounds like it would be beneficial.