which refi should we go with?

primary house, loan amount $600k, now is 5/1 ARM 2.75%.

Want to do refi to 7/1 ARM, rate @ 3.175%, reason is to match with kid school plan, in 7 year,we can sell the house move to a bigger but cheaper house near by.

Should we do 7/1 ARM? or lock with 30 year fix? or others?

 

like to hear your thoughts, loan agent, please feel free to present your offer as well.

in fremont,ca.

 

thanks.