With the Federal Interest rates so low can I refinance into a lower fixed rate with not so good credit?

I bought my first home from my parents about 2 years ago. The loan at the time was 8%. With the federal interest rates so low is it possible to refinance my fixed rate loan to a lower interest rate with not so good credit. I have a few lates on my mortgage along with [...] http://bit.ly/kZeuD4