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We had an ARM once (will never do it again!) but the plan was to be in it for a year and refinance to fixed when the interest rates came down. We actually stayed in the ARM for 3 years because the interest rates were coming down and our payments were lower each year as a result (well, the decrease in payments offset the increase in property taxes so we stayed about the same...)
Anyway, we did refi to fixed about 3.5 years into the loan. It worked out well for us at the time, but I'd never recommend that program to anyone (we were just dumb and lucky at the time) and I'd never do it again.
We're actually out of the owner market now anyway having experienced devastating financial losses due to long term unemployment, underemployment and a failed business. We sold our house before we got behind on the payments and while the market was still ok (not as great as a year previous when we SHOULD have sold the house but not as bad as the market is now). We're now in a rental, both working decent jobs and trying to repair our damaged credit rating so that in 1-3 years we can purchase a home again. (And it won't be here in NE--we want OUT!)
P.S. The ARM was in Seattle--about 15 years ago and was not affected by the employment fiasco of the last 5 years here in NE.
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