If you are not doing anything and everything you can to refinance right now you are missing out on what will most likely be a a once in a lifetime opportunity... I'm not going to apologize for coming across as too sale-esy or too strong here. What I'm telling you to do is in your best interest. There is no time to beat around the bush or think about this. Fence straddlers Go Home! This is a rare opportunity. Those with the ability to realize this will benefit tremendously.
This is a perfect example of why "The rich get richer". The "Rich" are lowering their monthly cash outlays or buying property at what in 5-7 years will look like steals and "The Poor" are shaking in their boots, trying to figure out how much lower the values are going to go down on their own without experienced professional assistance. Now is the time to (intelligently) invest like crazy, borrow as much as you can, buy with leverage, here is my April 2009 "Creative Real Estate Iinvestment" tip of the month, it is only for the really advanced investors though, all you simple people out there may not be ready for this yet:
"Buy low (at unbelievable terms i.e. 96.5% financing fixed for 30 years at 5%), wait for 5 years, and then Sell high"
Maybe I should contact a late night infomercial company and start selling $5000 packages on this revolutionary strategy and then maybe a couple $10,000 follow up bootcamps at local airport hotels.