So you can't say economics isn't good for anything. A new paper out develops an answer to the question: "when should I refinance my mortgage?". One of the authors, John Driscoll, was one of my first-year macroeconomics professors at Brown.
They have a website that you can plug in some values to to find out when you should refinance. The answer you get is in terms of an interest rate. That is, if you can get a mortgage rate of X or less, you should refinance.
http://www.nber.org/mortgage-refinance-calculator/
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