If you are thinking about or planning to take advantage of the lower mortgage interest rates, then you should go ahead and refinance now; especially if you think at some point you are going to need help with your mortgage payments.
Recent news information states that borrowers, who did not intend to get a forbearance, but was signup for a forbearance anyway, now find that they cannot refinance their mortgage.
While there is no negative impact on your credit report regarding a forbearance; however, there is a note on your credit report that says your loan is in forbearance. Therefore, having this forbearance note makes it hard to refinance.
Accordingly, Fannie Mae and Freddie Mac, which, along with the Federal Housing Administration and the Department of Veterans Affairs, fund or insure the vast majority of mortgages from lenders. And, they do not allow borrowers with a loan in forbearance to either refinance or obtain a new loan until one year after the loan payments are up to date again.