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[twirling74]

I bought a home in June with a 4.75% rate, 30-year fixed.  I now see that many places are advertising rates around 3.8%.  Assuming I can get a low or no fee deal, would it be silly to try and refinance less than 6 months after a purchase?

[spork]

Do you have a credit score of 850?

If you can make an extra payment on the P&I every six months, you'll turn your 30 year mortgage into a 20 year mortgage. Won't that save you more money?

[pedanterast]

If you can make an extra payment on the P&I every six months, you'll turn your 30 year mortgage into a 20 year mortgage. Won't that save you more money?

The two are not mutually exclusive.

[clean]

You could refinance the next day. 
Check into a 15 year mortgage.

[octoprof]

You need to do the math on how much the refinancing is going to cost you versus how much you will save over time in interest. The $ spent on the refinancing fees and such should be less than the PV of the interest, etc.  savings over time. Else, don't refinance.

[ideagirl]

I bought a home in June with a 4.75% rate, 30-year fixed.  I now see that many places are advertising rates around 3.8%.  Assuming I can get a low or no fee deal, would it be silly to try and refinance less than 6 months after a purchase?

The advertised rates are usually for 20% down (or refinances with 20% equity). I'm guessing that having bought so recently, you don't have that much equity? Give the banks advertising those rates a call and check what the requirements (equity and credit score) are for those loans; that will probably answer your question.

Also, most lenders won't refinance within six months of a purchase, and some require a year. They call this "seasoning" (they won't refi until the initial loan is "seasoned").