[Petronski]

Most ARMs these days are 2/28s, not 3/27s, and they've been a hot item for several years now. Saying there won't be another round of refis for at least three years seems to presume all ARMs were 3/27s, and all were refinanced at the same time.

[Phaedrus]

Most ARMs these days are 2/28s, not 3/27s ...

"Yes" if you're a "Non-Conforming" borrower, "No" if your credit rating is good. Conforming borrowers will most often go for a 5/1 ARM (fixed for 5 years, variable annually thereafter) if they are willing to forego a fixed-rate mortgage, which most are not during this period of historically low rates.