“Ask your broker what rate they would offer you for a ‘zero closing cost’ refinance. Mechanically, this really means the lender will offer you a higher rate, so that they can sell your mortgage loan for a higher price — they will pay you for this by throwing some cash into the deal to cover the closing costs. This makes optimal refinancing strategy very easy for the borrower! Just refinance every single time your ‘zero closing cost’ rate is below your current rate. No more worrying about whether rates will fall more, whether it takes too long to break even on initial costs, very simple.”
Advice from the Internet, caveat emptor.