I closed on a refinance on December 16, 2008 at 5.375%. I have excellent credit and good equity. Now that rates are continuing to drop I contacted my lender regarding the possibility of a future refi at 4.5% or lower. He said that I am committed to this refinance for 120 days and therefore could not refinance again until April 16,2009. Is he giving me accurate information?

Technically, NO, you are not committed to this refinance for 120 days unless there was a prepayment penalty addendum included in your loan documents, which I highly doubt.  The issue is likely that if you do anything to pay off the loan in the first 120 days he will probably need to give back any commission/yield spread premium/fees he earned from the lender.  So you COULD go somewhere else, refinance, and let him worry about that problem, BUT I don't think that is the fair thing to do.  I'm sure he worked hard to accomplish the the original refi at 5.375% and deserves the fees earned.  With that said, what I would suggest you do is contact him and try to work something out that is beneficial to you both.  Maybe there is a way to meet in the middle by including the expected buy back of the original refi fees in the new refi.  

Good luck!

Justin