[positr0n]

It's easy to refinance at a lower rate. You essentially just pay for and qualify for a new mortgage, the fact that it's a refinance and not a new house you're buying is mostly immaterial.

So you're out a few grand in fees, and if you somehow become less creditworthy it may not work.

When interest rates first spiked it seems like the prevailing wisdom was that they wouldn't stay high for long, so buyers should just swallow the higher monthly payment "for a year or two" then plan to refi.

I don't hear that advice much anymore!