I gambled a lil' and went with a 1 year ARM when I bought my townhouse 3 years ago and the gamble paid off since the int rates have dropped in the crapper. I'm at 5.5% now and it's adjusting down to 4.5% next month for at least a full year

Now is definitely a good time to buy or refi, unfortunately it will probably be another 2 years before I'm able to sell this place, buy my next house, furnish it, etc.