From Boston.com/Banrate.com: http://www.bankrate.com/finance/m...ends-1.asp
One aspect is the profit/savings in refinancing. With mortgage rates come to new low repeatedly, it is a profitable strategy to refinance one's mortgage numerous times. With the no-point no-closing cost loans, one can profit from mortage refinancing when rate is 0.25% lower than the current rate. The strategy is to identify a mortage broker who are familiar with one's financial situation and alow him/her to alert one when rate drops and lock in the new rate on real time. I know people who are doing refinance every 2-3 months (for free) and catch rate at the very bottom each time.