My ARM was just adjusted. It's still below 5.5%, and by historic standards (over the last 50 years), that's a good rate.
hopeful next year it will go down.
I'm sorry, but that's not possible. Your interest rate is skyrocketing, your home is worth less than you paid for it and you're about to go in to foreclosure because you can't afford the new payment. Live in denial all you want, but the reality is, you have no choice but to move in with your mother-in-law. You're doomed. We're all doomed.