Interest only expiration date

[jenniferjuni]

I have an ARM that is also interest only. The expiration date is coming. I do not know or understand what happens next. Can someone with experience tell me what to expect. My current rate is 2.7. I notice online that the current ARM rate is 2.7 and a fixed 15 is 3.1. If I leave it alone, does it remain an ARM at the current ARM rate at the time the interest only rate expires?