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Homeowners with adjustable-rate mortgages often refinance right back into ARMs, forgoing the opportunity to grab near-record low rates for fixed-rate loans. Moulton says a client of his got a 5/1 ARM in February 2003 because she intended to sell the house within five years. She called Moulton a few weeks ago to say that her plans had changed, and that she wanted to keep the house a year or two longer than she originally intended. "So I refinanced her into a seven-year ARM vs. the four years she had left on her five-year ARM," he says.