>Over the past 10 years or so refinancing has become almost free. I have done it with no closing costs at all. When rates drop, lenders are competing for homeowners who want to refinance.

And offer nothing to keep the ones they already have?

Same blindness as with the cell phone companies - the moment you stop the blood dripping from your signature on the contract, they offer a better deal for new customers. Sorry, you're already an old customer. They figure they've made it hard enough to leave them, they only need to make it easy for others to leave their suppliers and switch to them. Of course, everybody else is doing the same, so I wonder how many people are there who haven't switched any of their ISP, cell service provider, cable/satellite provider in, say, last six years. Or what's the average MTBSwitch?