When you initially signed the contract for your mortgage you signed up for a certain number of years, and you also agreed on a specified interest rate. 

When it comes time for you to refinance your mortgage you are shopping around for a low interest rate. This will result in less interest being paid each month. After several years the savings can be huge depending on how much lower of an interest you are paying.

The lender you are with has no incentive to offer you a lower loan rate. The competition meanwhile knows that you are refinancing and they will offer you the most competitive interest rates they they can. This is why you should shop around so that you can save money that could be better spent elsewhere.

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