Should I refinance to increase cash flow

[Andy Hailey]

Hi BP community! I'm looking for some opinions on this. I am currently managing my first rental that was at one time my wife's primary residence. It is a SFH that rents for $1,100 a month and the mortgage is a few dollars under $900 per month. Problem is that at the time of the loan origination, interest rates were higher and we currently have a rate of 5.5%.

We have paid on the house for 7 years of a 30 year mortgage. Should I refinance into the low 3s to increase my cash flow to around 400 a month or should I leave it as is? Thanks for the help everyone.