We got a 5/1 ARM in 2003 and since then every time it has reset, it went down. We started off at 4.625 and are now at 3%. We are planning on moving next year, but if we don't, we'll probably try to refinance and lock in the low rate, figuring the only place it can go from here is up.

Same here, though savings were much lower. W got our arm in 2005. Every adjustment the rate has gone down. However we felt our luck wouldn't hold much longer and just re financed to a 30 year fixed at 3.875 and borrowed an extra 50k for a monthly payment lower than what we paid for the first five years of the arm.

Just want to say that I'm jealous! We thought we were being so smart by locking in our 30-yr fixed. We would have saved tens of thousands if we had had an arm the last 8 years.

We bought in 2007 and are underwater by at least $150K; got notice from our mortgage holder that our ARM is resetting and our mortgage payment will now be ~$700 less than we currently pay. Wooo. I hope this will allow us to start saving some to take to the table when we try to refinance in 2014.

We are in Springfield, BTW.

Anyone else?