My home loan is with Chase. 7.25 fixed. I called their office and told them I was going to refi and instead of going to another company would they re-modify my current loan. They gave me 5% fixed on the balance. Charged me $1500 via credit card. A little paperwork, going to notary and in 3 weeks my payment was reduced $801 a month for the balance of my loan.
Thats my experience and was worth waiting for rates to get this low. I dont think long term rates will get much lower.