The No. 1 reason to refi is to get a lower mortgage rate. Despite sinking rates, a lot of people haven't refinanced.

Many homeowners would like to refinance but can't because they have little or no equity due to falling home values. Jim Sahnger, mortgage consultant for Palm Beach Financial Network in Stuart, Fla., says too many of his clients can't refi for this reason.

"But there are people who can, and some people who get so into whatever they're doing that they don't pay attention to the news and don't pay attention to where rates are at," Sahnger says.

So Sahnger will call to tell them that rates are near record lows.