Monday Ballpark Rates for Refinancing (as we do have other factors to consider)

30-year conventional: Loan $130,000-$175,000---5.00-5.375% (0.25% lower than last week)
Loan $175,000-$230,000---5.00-5.375% (slightly less)
Loan $230,000 to max ($417,000) --- 5.00-5.375%

30-year FHA: Loan $90,000-130,000 --- 5.125-5.5%
Loan $130,000-170,000 -- 5.00-5.375%
Loan $170,000 to max -- 5.00-5.375%

15-year conventional: Loan $130,000-175,000 -- 4.875-5.25%
Loan $175,000-230,000 -- 4.875-5.25%
Loan $230,000 to max -- 4.75-5.125%

40-year conventional: Loan $130,000-175,000 -- 5.375-5.75%
Loan $175,000-230,000 -- 5.375-5.75%
Loan $230,000 to max -- 5.375-5.75%

30-year conventional jumbo: $417,000-$650,000 -- 5.75-6.125%
15-year conventional jumbo: $417,000-650,000 -- 5.75-6.125%

5/1 Arm cap 5/2/5: $130,000-175,000 -- 4.75-5.125%
$175,000-230,000 -- 4.625-5.00% (same as last week)
$230,000 to max -- 4.625-5.00% (0.125% higher than last week)

3/1 Arm cap 2&6: 417,000-$650,000 -- 5.75-6.125%
5/1 Jumbo Arm - cap 5/2/5: $417,000 -- 5.875-6.25% (same as last week)

Please keep in mind that it is ball park rates only for refinancing. Also, even though there is anticipation of FED cutting rate tomorrow, it may not effect your mortgage rate because of rates are more dependable on bonds, the way market is doing overall (car industry bailout, political nominations, etc.)