If you look at all the government spending it is 99% chance that rates will be higher on overage over the next 5 years. Perhaps rates can recover based on global and other market factors outside of common thinking, but the indicators are leading to higher rates. If you plan on being in the home longer than 5 years don't get yourself in trouble 5 years down the line. I have put people in 5 year loans recently however it all depends on their motivation and end goal. Think it over and way the Pros and Cons, lower payment now with the threat of higher payment later. It really comes down to that. Make a list, think about it, sleep on it. Then go with your decision and don't look back, plan for the future.