After today's FED announcement it is clear that any future rate hikes this year are on hold until further notice.
- "Economic activity has been expanding" - gone. Replaced with "Economic growth slowed late last year" and "inventory investment slowed"
- "Inflation is expected to to rise to 2 percent" - gone. Replaced with "Inflation is expected to remain low"
- Risks added "closely monitor global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook"
All of the above indicates that unless market improves and/or economy strengthens lifting energy prices FED is on hold so if you were thinking about refinancing because you were afraid about raising interest rates, you have plenty of time.