You took a 3 year ARM for a mortgage in anticipation for mortgage rates to drop & refi for a fixed? I knew a few back in 2007 - 2008 took out ARMs due to affordability. At the 2.5y mark, they tried to refi for a fixed rate & got denied. 2 foreclosed and 1 short sold. >_<

No, I figured it'd go up a little bit actually, but I wanted to refinance at a higher equity ... then lettuce happened.

Whats an arm