Should I refinane now?

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My mortgage payment is $ 1500 a month, my interest rate is 8.55%
I purchase the house in April 2007 for $ 175,000. I have $ 158,000 left on the loan. I call my mortgage company and they told me If I refinance before march 2009 I will get a pre-payment penalty for $ 7000.

My mortgage is attach to libor, my credit score is around 630.

I was wondering should I take the hit with the $ 7000 and save money or should I wait for march 2009.
I have check the calculators online and I saw my payment might drop. Please help any comments is appreciated.

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