Unless the customer took out an ARM.
In my case, I took out a special relocation ARM that was 5/15 @ 2%. That's a five-year fixed rate at 2% and then adjustable each year for the next 10 years.
When the five years was up, the loan adjusted upwards by 2% (the maximum allowed per year). I was able to do a loan modification to convert to a 10-year fixed rate at 2.625% in March of 2020 (the beginning of COVID-19).
Today, the rates are much higher than they were when most mortgages were taken out so the customer doesn't really have the option to refinance to a reduced rate. They may try to convert an ARM to a fixed rate to stop the growth, but they will still be locking in a much higher rate than a conventional loan would have charged them if they weren't attracted to the lower introductory rates of the ARMs.
-PJ
A true “refinancing” is when the customer pays off the loan and replaces it with a new one before the term of the loan (30-year fixed rate, 5-year ARM, etc.) expires.