As you can see from the article below now is a good time to refinance those arms.....but wait!  Next week experts are predicting another rate cut, so rates could drop even further. Either way it's a good time to refinance as you can lock in a good rate now, and re-lock if rates go down after next week. 

Mortgage applications for the week ending Nov. 30 were up 22.5 percent from a week earlier, the Mortgage Bankers Association said today, as interest rates on 30-year fixed-rate mortgages fell below 6 percent and loan refinancings rose dramatically.

The average contract interest rate for 30-year fixed-rate mortgages fell to 5.82 percent, down from 6.09 percent the week before. That's the rate for a loan with an 80 percent loan-to-value (LTV) ratio and an average of 1.07 points, including origination fees.

The average contract interest rate for 15-year fixed-rate mortgages fell to 5.38 percent, down from 5.69 percent the week before, with points decreasing to 1.12 from 1.13 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year adjustable-rate mortgages (ARMs) rose to 6.28 percent, up slightly from 6.24 percent the week before, with points increasing to 0.99 from 0.96 (including the origination fee) for 80 percent LTV loans.

Falling interest rates were accompanied by a surge in applications, particularly refinances, the MBA reported in its Weekly Mortgage Applications Survey.