[quote=moneymaker]Your MIP could be changing from a 5 year to a life of the loan.[/quote]
Regarding MIP, my mortgage is <80% LTV, so this is not relevant.

[quote=moneymaker]I think serial refi'ing is probably about as profitable as serial gambling, the house will always win, unless you walk away. Is that you're strategy?[/quote]
Yes, of course I can walk away. I would continue refinancing and pulling out ~$16k/year while it made sense, then if/when rates are high enough to justify it, I'd use the saved cash to pay down or pay off the mortgage.

Again, it is most likely that I will not remain in my current house for 15+ years, and so cannot reasonably expect to be able to take full advantage of a 15 or 30-year mortgage.