Mortgage rates back to all time lows, ARM, refinancing

[Hersh M.]

So looks like with bond yields making all time lows, mortgage rates also continue to decline to record lows or very close to those levels. Not sure if its a good sign or bad. 

But my question is what are the pros and cons of going with ARM which has even lower rates than 30 year mortgage and then continuing to refinance? In this environment of ultra low rates that continue going lower, such refinancing strategy using ARMs would help increase cash flow, right?

Thanks,

Hersh