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One thing that's change a lot in recent years: interest rates. They're still very low, which is why many people keep refinancing. The trend is fueling the home loan market, and it's also created a class of serial refinancers - those lucky enough to borrow at lower and lower rates. In this tough economy, here's a group with newfound cash on hand.

NPR's Yuki Noguchi reports.

YUKI NOGUCHI, BYLINE: Robert Gratz, a settlement attorney, never used to be on a first-name basis with his clients.

ROBERT GRATZ: In the past, our practice was such that you would see people, and then that was the end of it.

NOGUCHI: Gratz now sees the same faces all the time, of clients refinancing again and again - these days, in the mid-3 percent range.

GRATZ: At one point, we used to joke it's almost like going to the dentist. There are people that we see almost every year when rates were dropping. And now that they've locked in, I think we're done.

NOGUCHI: Gratz himself refinanced his house in Maryland about six times. You could say it's one of the benefits - or hazards - of the job.

GRATZ: You're sitting across the table from people at a closing, and you're looking at their interest rates, and then mentally saying, hmm. Mine's higher.

NOGUCHI: Refinancing is not available to everyone. There are millions who don't qualify: Homeowners with bad credit or who are underwater, owing more than the homes are worth, can't do so. But those who can switch from adjustable to fixed-rate mortgages, locking money in at rates their parents in the 1980s never dreamed of. Gratz says many clients shave a couple of hundred dollars off their monthly mortgage payment, and some get an even bigger windfall.

GRATZ: The money goes somewhere, either toward savings or spending, and certainly those are both good for the economy.

NOGUCHI: The Mortgage Bankers Association expects nearly a trillion dollars worth of home loans will be refinanced this year - an 8.6 percent increase over last year. The greatest annual increases are in areas hard-hit by the housing crisis: Nevada, Michigan, Florida and Arizona. Revamped government programs are making it easier to refinance.

Shelley Hall lives in Brea, California. She's refinanced four times. But she says she's careful about bringing up the subject.

SHELLEY HALL: I don't mention refinancing to some of my friends, because if they bought in the last couple of years, they're either underwater or they just don't have enough equity to do it.

NOGUCHI: She says she tires of the process - all that finding, printing and signing of documents. And then there's also the gamesmanship of trying to time the market just so, like she did when she refinanced in April.

HALL: They had been, you know, a 10th of a point lower the week before. And I tried not to kick myself for more than a few seconds over that, because it, you know, it's human nature.

NOGUCHI: Hall's mortgage has gone from $2,000 to $1,500 a month.

HALL: And I think that at 3.75, I think we're done.

NOGUCHI: The extra money she's saving is going toward retirement and, she says, her family is considering buying another house and renting out their current one. Refis, as they're known, have changed the face of Ellen Sandler's Chevy Chase, Maryland neighborhood. Over the years, savings enabled Sandler to double the size of her house and remodel it a few times.

ELLEN SANDLER: I have neighbors who are also doubling the size of their house.

NOGUCHI: Sandler started out decades ago paying nearly 13 percent interest, but recently refinanced, yet again, at a 2.75 percent rate.

SANDLER: Each time I've refi'ed, I was sure it wouldn't get lower. And don't forget, when you start with double-digit numbers, you become accustomed to that. And then all of a sudden, you know, nine becomes a wonderful rate. And when things got to seven, everybody was sitting and saying they can't possibly go lower.

NOGUCHI: I asked Sandler, who is a realtor, whether she worries that the reverse might also be true - that homeowners who've gotten cheap rates won't buy or sell houses again when rates eventually rise. She doesn't, she says, because people still have to make choices that require moves. But right now, those who can, she says, are enjoying the cheap money. Yuki Noguchi, NPR News, Washington.

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