It really depends upon what your clientâ€™s long term plans are? If he/she is planning on moving in the next couple of years it may make sense not to refinance. If they plan on staying put then it may make sense to once more information is known. My suggestion is to look at their note to see what how the mortgage will adjust based upon the CAPS they have and to what index their loan is tied to. I do believe that rates will continue to trend up so depending upon their time horizon they may want to review in detail sooner rather than latter to formulate their plan.