I just refi my mortgage from 3.9% - 3p yrs to 2.875 % - 15 yrs with just a little points and the saving over the long term is great. I know some frens who bought houses last few years had very high interest rate (>4.5 in some case). This is really a good oportunity with some significant saving potential.
Take advantage of low interest rate, rather than guessing the future. Live at present.
Look, the reality is -- most of us nepalese, even if u get laid off or lost job or in tough times, we rather deliver pizza or work 60 hrs in gas station or something before giving up for bankruptcy. No risk it, no biscuit :)