Interest rate question for home owner. Lower?

[Jon C]

Hello everyone and thanks for taking a look at my question.

My wife and I bought our house here in Vancouver WA 6 years ago and have been very happy. We owe 104K on a house worth ~200K but our 30 year loan is at 5.75%. We're going to refinance soon and am looking at the 15 year loan and hoping it will get down to 4.0%.

My question is, will the mortgage rates continue to drop lower and is it worth waiting for them to drop lower while my home value decreases thus decreasing the equity I have built up. I don't plan on cashing out any equity but want to use it to bargain for a better loan rate and lower payments.

Thanks again Jon in Vancouver.