Everyone has a different need in today’s refinancing arena. If your current rate is higher than 5% you may save money monthly.
If you want to explore a 15 year payment to pay off your loan earlier a refinance may help facilitate that. Recently I have seen a larger number of people take money out of their current home to buy another home rather than sell.
There is no one size fits all answer to the refinance puzzle. Everyone has a different reason for what they are trying to accomplish.