thoughts on ARM loan ?

[Jorge D.]

Good morning 

Total newbie here

My question is regarding ARM loans.

The house I am looking into is a new construction. It is not due to be completed for another 2.5 to maybe 3.5 months

Knowing that rates are continuing to rise, is it a bad idea to lock in an ARM loan right now at a lower rate vs. waiting another month or so to lock in a conventional loan ?

Both lenders I have spoken to have mentioned that the homes completion date is still too far out to lock in a conventional rate.

pros / cons ? terrible idea ? 

I just want to avoid sitting here watching rates go up to lock in a conventional rate. I'm already being quoted at 5% for conventional vs. 4.5% 15 year fixed then 15 year arm 

thanks for the help