<prompt> Human: I have a good opportunity to refinance my mortgage now and am meeting this afternoon to start the process with the bank see below for more details. My question is whether I should go through with it now or if I am likely to find a much better rate after the fiscal cliff issues are resolved?Background:I am currently paying 6.75 on my mortgage. We have about 23 years left to pay and are upside down. We owe about 70K on a house worth between 55 and 60K. I have a meeting with a bank this afternoon to refinance under the HARP program its a Freddie Mac mortgage. I dont have all of the details will ask questions at the meeting, but tentatively they are offering a fixed 2.75 rate for 15 years. If my quick math is correct, the payment will not change much, but we will simply chop 8 years off the end of the mortgage.  <response>: ...something something diminishing returns...Lets say next year the rates are lowered to 2. That could save you 25 per month. However, you are paying nearly 200 more each year for your current rate. tl;dr You dont know if rates will go up or down. A years interest at your present rate amounts to 10 years interest 2.75 vs 1.75. 