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That's about right then for lender paid MI at 95% IO (LPMI, 6.625% w/ 0+0). A straight 95% IO w/ MI would be about .25% less on rate (maybe .375% depending on lender).
To answer the original question: This is always difficult and is just like trying to predict the stock market. The general trend (not Tuesday and Weds) has been down over the last month. Picking the bottom will be impossible, so I would say if it makes sense to refi right now, then do so. My GUESS is that as (if?) the economy sinks further into recession, long term rates could drop. However, if inflation (higher oil esp) takes hold rates will go up. So it is 50/50, which is why rates are where they are today, lol.
Good luck,
Jim
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1993 RSA
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