Due to all the financial uncertainty, We have been considering refinancing our hybrid 7/1 ARM into a 30 yr. fixed. It doesn't reset for another three years but I wonder where rates will be then. Presently the rate is 5.125% but will adjust up one percent in the eighth year if I don't refi and one more in the ninth, it is a great rate now but how about three years down the road when we have to do something about it. We also have an equity loan that will be paid in 2 1/2 yrs. but if I combine it with a new loan, we will "save" about $500 a month. I have had one quote so far of 6.25 with 7/8 of a point, we're already approved and the closing date would allow us to skip two months plus, like I mentioned before, free up $500 a month which is something that would help greatly. Good idea or bad?