Because there are costs involved in refinancing, you can't make money by refinancing with every incremental decrease in interest rates. (fhaloanpros.com)
Even a small decrease in your interest rate has a compounding savings benefit over the life of a loan. (lendedu.com)
This protects you against rate increases, which could affect your ability to afford the mortgage, but it also prevents you from taking advantage of decreases in the interest rate, unless your lender (investmentzen.com)