[Neilk]

We purchased a home in June 2006 at just about the peak of the mortgage interest rates. We got a 30yr fixed with 20% down at 6.5%. With the Fed lowering interest rates 75 basis points and likely to lower them another 25 basis points next week, when should we consider refinancing?

I see on Bankrate that 5.5% loans are available. Are they likely to drop lower?

Thanks for the tips.