Rate got better when Fannie & Freddie got taken over ( which no one really understands why), and then they got even better with the collapse of Lehman. So you’d have thought there would have been a mad rush of refinances for all those 5/1 ARMs expired and expiring in the next 6 months, but no most borrowers remain optimistic that rates will get better.
Unfortunately, the last time we had great rates was in May 2008 and they were good for 2-3 days and then crapped out, which is what the pattern has been this year. Rates get good for 1 or 2 days,a nd than jump back up.
You need to take advantage of lower rates when they appear.