Time to refinance?

What should be good news to the ailing mortgage industry is that the talk of the office today was whether or not to refinance their homes for those that bought houses in the past 2.5 yrs. Bankrate.com has the going rate at 5.42% and our current lender and bank, HSBC, had a rate posted of 5.50% earlier this year. For those that would be waiting for lower rates like me, I suggest you try the bankrate alerts where you can specify the rate you want alerted at.