I have many friends who purchased their home 2-5 years ago.  They got 5/1, 7/1 and 10/1 ARM's ( Adjustable rate mortgages).  The question is...as fixed rates approach all time lows, should they refinance their existing loan even if they still have years left before their ARM adjusts?  The answer is a resounding yes!  It is always in the consumer's best interest to seek a lower interest rate or a better term (in this case, a fixed rate).  Why would they not consider it?  If they absolutely knew that they were going to move before their ARM term expired.  Here's another good reason to refinance now (or as I see it, while you still can).  Home values, depending where you live, continue to fall.  As equity depletes in your home, it becomes increasingly harder to refinance, no matter how great your credit scores and mortgage pay history are.