Cash out refinance on Primary home

[Sree Vad]

With the Mortgage rates at all time low, I wanted to refinance. Have a primary residence mortgage under 200k @ 2.75 /15 years with a LTV now @ 50%.

I see some of friends getting rates as low as 2.25 no closing costs for 30 yrs mtgg, of course the loan Amount is higher 300 - 350k. So I am thinking of cash out and get a low rate with no closing costs.

Is that a feasible idea. Suggestions welcome