What I love about the historically low interest rates is the fact they're real, but you can't access them.
Be it banks that have overtightened lending standards
government programs that are nothing but red tape like HARP or HARP II
or the secondary market refusing to finance people because their house doesn't comply with a billion little standards,
ain't none of you going to be able to refinance because the restrictions and requirement either because of government regulation or banking idiocy.
Thus, it's like window shopping. You can't afford those rates (well, actually you CAN), we're just not going to let you in the door.
Enjoy salivating over low interest rates!