<prompt> Human: My wife and I bought a house last year on a 30 year 55 ARM with 2.99 interest. With the recent increase in interest rates and the projected future interest rate rises, what would that potentially mean for my mortgage interest rate? Is it a proportional rise? I have no clue how interest rates work or really what they do. Similar question regarding bank interest rates. With the interest rates going up, does that mean that CD rates will rise as well?Assistant: Were just about in the lowest interest rate environment in decades. Youre ARM will almost certainly go up. Why didnt you go with a fixed?Human: This is our first home, and we dont plan on staying here for more than 5-10 years. It had about a 1.5 lower interest rate at the time. Assistant: Ah I see. Well then that case it doesnt make sense to refinance if youll be moving in 5 to 10 years.Human: Yeah, we dont plan on refinancing unless we end up staying or something. My wife actually is a loan officer a local credit union, so she know what she is doing, but I just dont understand what all I going on regarding interest rates. Edit: Capitalization. Assistant: If your wife is a loan officer and knows what shes doing, perhaps she can educate you on what is going on regarding interest rates?Human: I dont think she would know the answers to my questions. She is very knowledgeable in what the credit union does, but not in why the rates are the way that they are or what would cause them to go up or down.  <response>: Good Lord, she sells YOU and others on ARMS but doesnt understand why or when interest rates go up? This really is reminiscent of 2006 as uanotherworkaccount1 said... 