Why would a bank offer refinancing at a lower interest? Is any money saved at all, or is it just paid on a different timeline?
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Banks make their money originating loans (the fees you pay at closing) not collecting interest over the life of the loan. Unless they are a small portfolio lender most US home mortgages are sold off to Fannie Mae/Freddie Mac within a few months but the bank still collects payments for you and handles statements etc. They don’t care if you refinance lower because they already made their money. This is why you usually have to wait 6 months to refinance with the same bank (so they can ensure they made their money). Of course you can usually refinance with a different bank whenever you want.
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