Wondering if I should re-fi or not

[N/A N/A]

My broker was able to lock me in at a 5.0% fixed 30 year rate before the rates rose last month. I have 2 properties:

owner occupied: $550,000 balance, 4 years paid into a 30 year mortgage at 5.75% 30 year fixed
investment property: $50,000 balance, 17 years paid into a FHA 1.0% 30 year adjustable arm, currently at 4.875% (will adjust in April 2010)

I don't have enough equity in my main house anymore, so I need to do a cash out refinance for the investment property to make this happen. So I would be refinancing the main house at 5.0% fixed for 30 years for a $490,000 loan amount (to make it conforming), and the investment property at 5.375% fixed for 30 years for a $110,000 loan amount.

There will be about $17,000 total in closing costs for both loans, due to 1% origination fees on both loans and high closing costs in my state.

I just don't know if its worth it. I was working with the broker and hoping for a 4.75% loan on the main house, but it never dropped that low. But who knows if the rates will ever go that low again, much less 5.0%.

It just seems like I'm not gaining that much on the monthly payments. How long will it take to recoup those closing costs?

Also, I'm not happy about spreading out a loan to 30 years again after I have already paid into for 4 years. Ideally I'd like to go to 15 years, but that isn't an option because I could not afford it. So, when you figure out the break even point, how does that 4 years of payment factor into it?

And, I've been paying on the investment property for almost 18 years. I really don't want to stretch that balance back to 30 years, and was thinking of trying to pay that off in 15 years if I refi'd.

Both of these properties are in a solid area, near Washington D.C. so my long term potential is good.

Please let me know any thoughts. Thanks.

Gary