Question - I was randomly looking at the rates for refinancing my mortgage (I got an email from my mortgage lender that rates had dropped to a new low, and apparently that meant maybe a new low for this week because they definitely aren't at any notably low level), and see quotes for interest rates that are over .5% higher than my current rate (after points) and then say an estimated monthly payment that is over 1k / mo cheaper than my current mortgage payments. What am I missing?

maybe it's an interest only loan?

guessing that they probably aren't including escrow payment for property taxes and insurance, and you are?

How much time is left on your current mortgage? Extend the time enough and the monthly payment will be lower even with a higher rate.

My mortgage started in 2023, so 27+ years left.

Compare the actual mortgage payment, excluding escrow, to the advertised number. Does it make sense now?

definitely the insurance and taxes missing

The chutzpah is the mailings I've gotten telling me I can save $1500 by comparing apples and oranges. Should be illegal