5 Years Left of 15 Year Mortgage vs. 5/1 ARM?

I would say the only way it would make sence is if you absolutly planned on paying it off in five years, and if the cost of restructure was made up by the monthy savings by dropping to the 3.8%.  I'm not sure what you loan size is but it is a rather easy thing to figure out once all the numbers are placed in form of you.  The bottom line is you have to make sure you're not placing yourself at risk of the loan adjusting thus deleting any possible benefit you would have had by touching your current loan in the first place. 

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Leave your current mortgage alone. Period.  

5 stars Bob V-G.

The last 5 years of a 15 year loan are almost entirely principal and very little interest. It wouldn't make sense even if your current rate was 7%.

After a little thought, I would completely agree with both Bob's.  Sometimes trying to over think Rate really makes you lose sight of the big picture :)

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Oh my, I got five stars!! It's a great day afterall...

simply refinancing the balance - which is probably quite low....listen to the experts - no, don't touch it.  You can calc the remaining interest to be paid by looking at remaining term x payment amount (prin and int), compare that to outstanding balance.  The difference is the remaining interest (or close enough)  I'll bet you find the closing costs on the new loan are more than the interest you have left to pay.

Do you have an exisiting 2nd mortgage/HELOC?  massive credit card debt or car payments?  Pulling cash out for major remodel?  Those would be the only reasons you should be talking about a refi.