Should I hold out til LIBOR rate goes down?

broomey

Hi. I am coming to the end of the fixed term deal we have and after this our mortgage rate will be 1.95% above the Libor rate, which I last heard was 6.8%, hiking us up to a whopping nearly 9%. I know its a really poor deal, my husband had a few misgivings on his credit file when we took out the mortgage, but we are in a good position to remortgage now.
My question is this, with the bail out from the government the banks have received, with the hope that they will start lending to each other again, how quickly are we likely to see the Libor rate fall and how drastically? Is it worth sitting tight for a few months to see what happens or should I get another fixed rate deal now?
Many thanks!