If my market is considered to be at the top of the market or at minimum a year or two away from the top. Should I refi now? 

Single Family/primary place of residence 

Property Strategy - I would like keep house as my primary place of residence with the intention of selling after 5-7 years from now.

currently owe - 220k on a 30 year fixed conventional loan

Estimated Appraisal based on comps sold in the last 90 days - $300K

Current rate - 5%

Note: The best schools in the city are a couple blocks away/walking distance. I am in the top neighborhood with the criteria of $200K-400k houses, in the city. 

Any thoughts, ideas, suggestions would be appreciated.

Thanks BP. 

@Jerry Moore while this would be best answered by analyzing what rate and current loan you qualify based on your credit score, etc. I will say that rates have been slowing going up the past several months. If you think refinancing would benefit you then you should do it sooner than later. But I don't know if you currently pay PMI, if the rate you qualify for now would be 5% anyway, etc. Certainly speak with a mortgage loan officer who can show you how to analyze the numbers.

Originally posted by @Andrew Postell :

@Jerry Moore while this would be best answered by analyzing what rate and current loan you qualify based on your credit score, etc. I will say that rates have been slowing going up the past several months. If you think refinancing would benefit you then you should do it sooner than later. But I don't know if you currently pay PMI, if the rate you qualify for now would be 5% anyway, etc. Certainly speak with a mortgage loan officer who can show you how to analyze the numbers.

Thanks Andrew for the great info and I am looking forward to seeing a mortgage loan officer soon. 

If you know already you want to keep your home for certain time period why not 7 year arm, which will give you lower interest rate and create more equity for you. 

Originally posted by @Harjeet Bhatti :

If you know already you want to keep your home for certain time period why not 7 year arm, which will give you lower interest rate and create more equity for you. 

 @Harjeet Bhatti thank you for the feedback, a 7 year arm seems to be a great option. I'm now going to look into it, thanks again!