7/1ARM first term ending, should I refinance?

[Ming Tsai]

Hi BP, 

We bought our 2br condo bought back in 2012 for 500k

We took out a 7/1 ARM that's currently at 2.625% - will end in 2019.

Remaining mortgage amount to be paid is 233k

Related info if useful, similar sales in our community for our unit is at about 1m. 

Questions:

With the rates getting higher, should I refinance to fixed and lock-in before it gets higher?

What are the possible rates by 2019, when it turns into yearly rate adjustment, if I don't refinance?

thanks,

Ming