Should I refinance my ARM? (7.35%)

I financed a new construction that has converted in an ARM at 7.35% (5.5 year balloon, 4.5 years left). I can get a 30 year fixed rate mortgage at 6.9%. Should I refi now just to get out of the ARM loan or would that be a but hasty for only a 0.45% rate reduction when I have more than 4 years to find a better rate?