<prompt> Human: Current mortgage from 2009 for 331,000 5.375 Currently owe 240,000 Current monthly payment 1480.00New payment with ARM would be 1037.93 for first seven years.Property is a Co-op currently worth approximately 475,000 and located in Brooklyn NYIm concerned about an adjustable rate mortgage and not sure if its worth it. Credit score 730Sorry if formatting is bad, first time posting like this. Happy to supply any other info needed and forever grateful for any ideas or opinions. Thanks!  <response>: honestly both sound terrible. Why are you still at 5.375? You need to refinance to a fixed- like cakeisadie said, somewhere in the range of 3.25-3.75. Youre at a ridiculous rate right now. Dont do ARM, thats nutty. 