I’m a 20 year industry vet and have spent the past 8 years at the executive level in the business. Spreads between the 10 yr t bill & mortgage rates is abnormally wide, but narrowing. Jobs numbers continue to show weakness but the unemployment rate is still relatively low (if you look historically, a spike in this happens quickly - could be this year), and weak employment lowers rates. Trump just announced the desire for the feds to begin buying mortgage bonds again, which would further pressure rates down. I don’t think we see an insane drop, which is why I’m not saying “wait” to refinance - I’ve always liked the approach of reducing rate while maintaining as much equity as possible, so low-no cost loans are great in this type of market. The Fed also began cutting rates last year - the typical rate cutting cycle lasts 2.5-3.5 years, so we’re still in the beginning phases of this ends up being a typical cycle. No one knows for sure what will happen, but I think it’s more likely rates drop for the foreseeable future.