What is your current rate? What would it adjust to if it floated today? The diffenerence between the two should tell you how urgent refinancing is.
Do you fit into the "box" of a conforming mortgage? If so, this probably isn't a bad time to refi to a fixed rate, although I wouldn't pay points to lower the loan rate (so it would be less painful to refi down the road). If you don't qualify for a conforming mortgage for some reason, I would wait to refi. If you can even get a non-conforming mortgage, you will pay through the nose for it. Better to wait until things calm down in the mortgage market and then refi, assuming you cannot get a conforming loan.
Fed actions have little to do with 15 and 30 year fixed mortgage rates. The fed only sets short term rates. 15 and 30 year fixed loans are based on longer term rates, which are set bythe market.
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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