Refinance or float

[Amit Rana]

Hello!

The condo I live in was bought using 5/1 ARM back in 2005. The ARM rate began floating in 2010 and since then the interest rate has been around 2.625% with next adjustment happening in April 2015. I have around $167000 left on the loan.

I'm wondering if I should refinance now into a 30yr fixed at current and still historically low interest rate, wait for till next year to see what interest rate situation is, or just pay off as much of the loan and eliminate the mortgage.

I do plan on keeping the condo even after I move out and renting it out.

Any insight or advice is much appreciated!