Connection Pool Parameters

 I had a Connection Pool PRIMARY_THIN exhaused error recently.  I need to modify the settings but would like some clarification on the parameters.

WAIT TIMEOUT:  Is this the time a caller waits for an available connection to be available in the pool before it times out?  This is currently set to 2 Min, which seems very long to me.  I was thinking that this should be much smaller, and I should increase the Maximum Capacity, so that if no connections are available in the pool, OTM will add another connection up to max capacity.

REFRESH EVERY:  Currently in the PROD DB, connections are set to never time out.  However, our DBA wants to change this.  We currently have the value set to 5 min.  I presume as long as this is lower than the timeout on the DB side, that the connections will be kept alive, correct?