There was a useful AP article published a few days ago that included some questions and answers. This seemed especially pertinent to this site:
Q: Should I wait to see if mortgage interest rates come down in a couple of months before applying?
A: Probably not, since mortgage rates are at historic lows.
Last week, rates on 30-year mortgages inched upward to 4.87 percent, but that’s still close to the lowest level in decades. Waiting for the rate to go any lower might backfire, said Ken Inadomi, director of the New York Mortgage Coalition.
Even introductory rates shouldn’t be that much lower than fixed rates these days — in some cases, they may even be higher. So it’s probably in your best interest to apply for refinancing now.
In case you decide to wait: The Making Home Affordable program expires on June 10, 2010.