I am in the same boat as Rolypoly. That is my current 5/1 Arm rate is 4.25% and is due to reset next year to 6.25%. My Loan-to-value is about 60% and I can afford the payment once it resets. I am considering getting a 30 years fixed with money out so that I can take advantage of the downturn in a few years. (You need some cash to do that, right?). I am not in a hurry to do anything right now since I got a full year to consider my option. Any suggestion. Is my plan stupid?