anyone who is not refinancing into fixed rate now, with interest rates in the 5’s, is too stupid, too greedy, or too poor to be able to afford their home anyway.
Many cannot do that because the value of their home is below the ARM amount they need to refinance. These people barely scrap enough money for the down payment on the ARM, and live pay check to pay check because they are so leveraged, they cannot come up with the cash to pay off the ARM and replace it with a new fixed rate.
For anyone who lived through the homebuying nightmare of the Carter years, rates in recent years have been a Godsend. I remember how happy I was when our first house was financed at 12% via FHA when prevailing rates were 15-16%. Our current mortgage is below 5%, and fixed. People sometimes forget (or never learn) history.