Read this article and let me know your opinion?

That's the Fed Rate which is not the same as the mortgage rate you would be paying. The Fed rate is basically what banks charge each other for short term loans.

Although interest rates typically come down when the Fed cuts the interest rate, it is not always a direct or 1:1 correlation. You would need to see what interest rate you could get for your refinance. Rule of thumb is that you look for about a 1.5 to 2 point reduction for your refinance in order to make it worth the fees. I don't know what the typical interest rate is running right now but I'm confident that it is not in the 2-3% range. Also, banks are really tough on loaning money right now so the money market is very tight and fees are probably a little on the high side so you will need to have a significant reduction in interest rate to make it worth it.