since the 2 yr T-Note is around 2.92; and 1 yr LIBOR index around 3.21 now(was 2.87 one month ago).
So any Conforming ARM Rate or Jumbo Conforming ARM Rate should be good if it's below 5.5%.
So any Conforming ARM Rate or Jumbo Conforming ARM Rate should be good if it's below 5.5%.