I want to refinance my mortgage due to the recent low rate. Should I wait longer?

I bought an apartment in 2007 and the mortgage rate for 30 years is 6.5%. I recently went to a bank and they gave me the rate of 4.9% (as of April 09) for refinancing. It seems like Obama’s plan is working which is great. But do you think the rate will even go lower? [...]

My 5/1 arm will reset in 18 months, should I refinance home mortgage now, or wait for few more months?

Current rate of ARM interest is 5.125%. Would it better to go for 6.75% mortgage refinance at no closing costs, if I am planning to live in the same house for next 7 to 10 years?