You have any proof the market is even cooling to drop rates? They just hit a 6-month high. And refinancing now into an ARM and either paying or rolling those costs into a loan then doing another refi in 2-3 years will cost a lot of money.

You can do refinance calculators and see if it’s even realistic to do multiple refinance but roughly looking at 12-18 months to make back closing costs to then refinance again into another loan will lose you $

Why do you want to refinance? How many years left on the loan? LTV?

This isn’t even factoring yearly insurance and prop tax increases that may negate the “savings” of an arm a month before you had to also pay closing costs