Why this is likely to be a top -- "We" have learned nothing

I called Schwab today.   Looks like with a 10 minute phone interview I can be pre-approved to refinance my house. 

I can get a 5 year or 7 year interest only loan and pay less than 4% APR.   This will cut my payments by more the 50%!

Its a gamble I have taken in the past to great success.   Refinancing in 5 years (at whatever rate! be it 12% or 20%) or paying off the loan, or selling the house are the options.  Options 2 and 3 are the good ones.  The interest savings in 5 years are enough to cover 25% of paying off the loan.  

Morgan Stanley has something very similar.

10 minutes on the phone, no upfront costs.  Refinance a house with a Diamond Head view.  Does this seem absurd?

Awesome stuff for me.   Ominous Moral Hazard for the long term good.

Some market analyst state in laymans terms:

The Fed lies
The Fed is saying that will someday have to raise rates.
The Fed lies
The Fed may raise rates rapidly and sooner than expected, and without warning.

Don't get greedy, consider a refinance now, it can't get much better.

We have learned nothing.....this is not punch in the punchbowl....It's a crack hit, and "we" can't get off of it.

Steveo---