Should I refinance now or wait a little longer, to get a better rate.?

I am going to refinance my house. For certain reasons I want a 5 yr. ARM, to get as low a rate as possible, without going to an interst only loan. I live in the Greater Cincinnati, Ohio area, specifically just across the OH state line, in Lawrenceburg, IN, 47025. So far the best offer I have is 5.375% with discounted closing of $ 575. This gives me a $ 700/mo. P & I payment, which is OK with me. With current economic conditions, and the Fed rates recently being reduced, and the stock market dipping as it is, some investors may be turning more towards bonds…which I guess could influence the mortgage rate market, and rates could go down even more??? So…I’m just wondering if I should wait a few more weeks or a month or so, before I pull the trigger, ot should I take what I’ve been offered and go with it. I don’t want to be greedy, but I do want to be prudent, and smart. Any thoughts???

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