Why refinance (Home)?

Here are the reasons I foresee some one refinancing sensibly.
1. reduce interest rate when the interest rates are falling - like in the year 2003
2. Cash out - for other investments
3. reduce monthly payments (potentially extending the payment period)
4. consolidate multiple debts - reduce management hassles
5. Reduce the risk of variable interest to fixed one (especially when the interests are low or when the interest rates are likely to increase)

Some times folks refinance a lower interest into higher and I have known this happen - when folks want to cash out or consolidate other higher interest loans (credit card debts). Also, for cashing out already invested amount or the increase in equity.