With the economy doing well, adjustable mortgage rates aren't very popular these days. The pros say if you're buying house now, get a fixed rate.
Mark Hamrick at bankrate.com says 'ARMs' helped create the housing bubble that burst ten years ago.
"People were basically using those lower rates as a means of getting into a house they otherwise couldn't afford."
Hamrick says the Federal Reserve is expected to continue to raise interest rates for the foreseeable future.
"So now is not a good time to have an adjustable rate mortgage because the adjustment, as best we can tell, will be higher, meaning those mortgages will become more expensive over time."
Hamrick says the Fed is engaged in what's called 'normalization.'
"Getting interest rates back to more normal levels -- that means raising interest rates -- so we should absolutely see this process as being indicative of a more normal economic environment and with that comes the cost of rising interest rates."
Economists say credit card debt is the biggest threat to consumers; credit card spending has surged 9.4% in recent years.