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I think the point was that people with mortgages will opt into lower interest rates but will clearly not opt into higher rates. (Assuming the interest savings

I think the point was that people with mortgages will opt into lower interest rates but will clearly not opt into higher rates. (Assuming the interest savings is greater than the refinance cost.) I'm not sure why you bring up the amortization schedule since since you definitely save on the overall interest side of the mortgage. Put another way, if you get the lower interest rate and keep paying the same monthly payment you were paying before, you'll pay everything off faster.

pc86 4y ago
One of the biggest benefits to refinancing is being able to lower your payment and put that money to work elsewhere. Yes you can just keep making the same payment and save some money (less and less the farther along in the loan you are) but most people have debt that is at a higher interest rate than their mortgage so they're better off putting the money there.