Since I am a mortgage broker and have been in the business for almost 30 years I have seen a ton of people refinance, although I myself don't do too many of them. I am not a big fan of refinancing back to a 30 year loan to save $50, $100, $200 or more a month. What I am a fan of is refinancing to lower my clients mortgage term...going from 30 to 20 or 15 years...this is where the BIG savings are.
Imagine no longer having a mortgage payment. Imagine not shelling out $1500, $2500 or more every month until you die. Could you then actually retire if you had an almost free place to live? What could you do with that money? How much more could you save towards your retirement if you were saving $1500, $2500 or more a month? Could this money pay for some of your kids college tuition?
Getting mortgage and debt free is true freedom. Paying off your mortgage early is the best way to increase your lifestyle rather than refinancing to save $200 a month. That extra $200 a month is most likely going to slip right through your fingers every month into some restauranteurs pocket which isn't going to help you in the end.
Take a look at your current financial situation now and imagine not having a mortgage or rent payment. How much easier would your life be if you didn't have to part with thousands of dollars every month? Would you have to work as hard? I'll bet you can think of lots of things you could do with a few extra thousand dollars a month.