If you only plan on staying for a few more years and then selling, getting a 30 fixed today would be a waste.
From your profile, it sounds like you can qualify for any loan that you choose. You could refi into another 5 YR loan today and buy yourself 60 more months of security.
Your payment will be higher than what you have today. The interest might be deductible. It’s like paying for insurance. Is it worth it to you or do you want to gamble ?
Choosing a “no cost” loan today will not add anything to your balance and lock in a longer fixed period than one year. You still have a relatively cheap payment.
If rates do go lower, you can refi again.
If the condo complex is a high % of tenants and going that direction, refi sooner rather than later.
Also, once you drop below 20% equity, the refi rate will be higher. Sounds like you are close to that point now.
