[Rebelbase]

Everyone who was able to refi did so when the rates dipped. If the rates stay the same, there will not be another noticable round of refi's for at least 3 years, when the ARMs mature.

[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.