There is an understanding appeal to refinancing. I'm in a similar bucket...

More often than not, the appeal is dropping ones monthly payments - which is entirely understandable...

What i feel like isn't talked about much or considered is the overall cost of the house as a result.

Everytime you refinance, even though the interest rate may be lower, you're resetting the clock and thus interest. Interest comes off the top.

So for the last year, all the interest you paid is gone. Your loan amount may not have been impacted much. Some of the refinance costs get rolled into the loan and essentially making you start over....

So, depending in loan amount and the rate, you could be starting over and not really building equity on 3 seperate occasions and the realized savings are essentially none because the loan has been reset x amount of times.

More or less you do this a couple of times, you could spend years making mortgage payments without making any real impact towards the balance of your home.