Yes, now is an ideal time to refinance if your mortgage rate is higher than 4%. However; you must have built up enough equity in the home in order to do so as lenders have guidelines in place for this factor.
Why do you wish to refinance to a 10-15 year fixed when your payments would be lower refinancing with a lower interest rate on a 30 year fixed? I suggest that you contact a few lenders to determine what the best option is for you. Something to consider...
Good luck to you!
Prudential Connecticut Realty
Whether to refinance depends on what rate you currently have. But, assuming the numbers work out that it makes sense to refinance now, I'd do it now. Even if rates DO drop maybe another quarter of a point, you'll still be in a much better position than you are right now. And it's really impossible to call the absolute bottom of the market as far as rates are concerned.
Hope that helps.