Urgent: Does refinance worth trouble?

Interest rate is getting low. Given all string attached (fee, point) to refiance, does it worth trouble for my situation?

~$400K town house (at current market)
~$115K unpaid balance with 10-yr ARM at rate 5.00% (at 5th year of ARM)
house hold income ~$200K (before tax)
1. Is it worth refinance?

2. if we want to buy a house and keep this one, how will that affect the decision?

Many of my friends have similar situation. Thanks for sharing your insigts