Lots of people were saying take the higher rate today and then refinance later if rates go down, but the same is true if you take the lower rate today and rates go down. You can refinance an ARM just like you can refinance a fixed.

Mortgage rates haven't been this high since the 80s. Nobody can predict the future, but I don't expect they're going to stay this high for the next 30 years.

Taking the fixed rate mortgage is a great decision when rates are low, but rates aren't low.

I'd take the guaranteed lower rate for the next 7 years.