I got a 7:1 arm in December 2021 on a construction loan. It would convert to a 30 year with the 7:1 rate of 3.5.

Hit the jackpot, as when I finished building the house and converted to the 30 year loan, rates were screaming at 6.5.

I've got 7 years to refi. If they hit 4.5%<, I'll refi in a heart beat.