When interest rates are falling, you're faced with the dilemma of when to refinance your home mortgage, and whether or not you should pay points to lower your rate. A good strategy is to use a no-cost mortgage, which charges a little higher rate but covers your closing costs. By using this strategy you can refinance repeatedly when rates drop because you are not paying anything out of pocket. If you do this, you'll never hit the absolute low point in available rates but you're guaranteed to get a good rate at no cost. Of course, you need to find a reliable and honest broker to pull this off.