Should I buy down my rate

[Brittney Wright]

Hi, All-

I am trying to decide if I should go with a lower 7.375% interest rate and pay 1.65% in points (approx $3270) or go with a higher interest rate such at 7.62 or 7.75 and pay less points. Lenders are telling me the break even on the lower interest rates is anywhere between 3.5 - 4 years which they think is too long and that I should be able to refinance to a lower rate within 2 years. Thoughts?