refinance question

Hi, I purchased my first house in June and was doing 7yr ARM.  Now the rate has gone down, so I am thinking to refinance it to a fixed loan.  Do you think this is a good move now or should I wait for a couple more years to refinance (7 year is still far way).  I don't have much experience on this, so appreciate any inputs.   I should only consider no point and no cost refinance, correct? Thanks!