I have some advice.....don't ask President Bush! I plan on refinancing at some point in 2009. I expect rates to dip under 5% for a 30 year fixed mortgage as the government continues to try and stimulate the economy and the housing market.
The editor of this article does a great job of explaining what's currently happening in the mortgage market and gives some great advice. If you are considering refinancing or purchasing a home in the next year or anytime in the future I highly recommend you read this informative article.