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We live in a part of the country where the economy is still great and the home values are rising still. We were one of "those" people who took out an ARM with a crazy high interest rate 2 years ago when we bought our home. We just refinanced in October and got a rate 1/2 of what we were paying before.
: There are some online calculators that will figure out how long it will take you to make up the difference in refi costs vs. the rate you are paying now. Ours was 9 months, so it was definitely a "go" for us. I think right now a lot of it depends on your local housing market...