Some people choose an ARM when they purchase their home, perhaps because they didn’t plan to stay in the home for long or needed a low monthly payment to get settled. Priorities can change over time, though. Refinancing to a 15-year fixed-rate loan from your current adjustable-rate mortgage could provide you with stability, predictability and significant savings. For example, with a 5/1 ARM, the interest rate would reset after five years. That means if the market rate rises, your interest rate and monthly payment would also rise. Since most experts don’t expect mortgage rates to drop significantly from current levels, it could be a good time to refinance to a fixed-rate loan, eliminating the uncertainty and the risk of a rate increase. Choosing a 15-year repayment period would also lower your interest costs and shorten the time to full homeownership. Read more about refinancing from an ARM into a fixed-rate mortgage.