When the Fed moves, it typically takes any where from 6 months to one year for the move to translate into better economic results. In the next 6 months, we should begin to see a turn around in the stock market. In the mean time, rates should stay relatively flat in that the money managers are taking a wait and see approach. Any signal that the economy is turning around, will cause movement back into the securities markets and rates will rise. Your mortgage should be the focal point of a good financial plan.
Most people just refinance their balance to lower their payment and that's fine.
But, what if you were to refinance but instead of lowering your payment, take cash back, keep the payment the same, and invest the dollars in a good index fund. History says that about every 5-7 years, your money would double. This requires the help of a good financial planner. Most people take the savings on their payment and spend it frivolously. The Kate Wilson team .