(1) It's a little optimistic to expect the rates to come back down "in the next 2-3 years" (2) A refinance is a big enough transaction for both parties that it

(1) It's a little optimistic to expect the rates to come back down "in the next 2-3 years" (2) A refinance is a big enough transaction for both parties that it'd be silly to not do more than 5 seconds of due diligence. Either the bank or the customer will be leaving money, maybe even thousands, on the table, if they forego the opportunity to scrutinize the customer more carefully (on the bank's side) or the opportunity to shop around more carefully (on the customer's side). Let me give you an example, I know someone who recently (well, a year or so ago, when rates were still very low) got a mortgage. They went with a certain online company and went through hell for a month with the back and forth bullshit. Yet they still didn't regret choosing the cheaper online mortgage broker, because the total savings compared to an easier to deal with mortgage provider was in the several thousands after considering points, long term interest differences, etc. If you are wealthy enough that saving thousands of dollars with a few hours of work is an unattractive opportunity, then you can also just not worry about your mortgage rate at all. Nobody who would care about optimizing their mortgage rate would turn down the opportunity to get an even better rate given a little more time investment.