The answer can very from situation to situation. You need to consider your short term and long term plans with the property. You also need to consider when the fixed period of the ARM is going to start adjustment. With rates at historical lows it might be time to lock into a fixed rate. However, some people with a short term plan are locking into a new ARM.
Work with an experienced mortgage broker. Have them "work" your numbers and make your decision based on the results. It will depend on your short-term and long-term plans. There is some great value in ARM programs right now.
It depends on how long you plan on staying in the house and what your rate is currently compared to market. I really depends on your goals and they can be discussed with a good loan officer so she/he can help you with options and choices that you have. There is no general answer here that can be given without more information from you. You can reach me at 262-649-5439 or email@example.com.
Most importantly figure out how long you plan to live in your current residence once you know that add an extra one or two years to it to be on the safe side then check with a Mortgage Broker and read up on what the trends will be for that length of time....and armed with the facts you can determine what the right course of action is for you!
Prudential California Realty
Beverly Hill, CA