For refininacing and buying a new home , its a good time right now, IF you have excellent credit rating AND if refi, your home is still worth enough that you will get credit for lots of equity...if you recently bought the home , I doubt its worth refi...you may have to pay to get it to appraise...

I was there in 1984...had bought a new home 6 mo earlier with the thought of doing a refi when I sold the old...but my house had lost $100k in value in the meantime...paid $250 in 83 , in 84 it was worth $150k...took 7 years to get back up...