7/1 Arm Vs 30 year fixed

[Prasad J.]

Compared to 30 year fixed we save around 0.625% in interest and additional principal pay down in 7/1 arm for 7 years. 

I intend to keep my primary home for lots of years (20+).  The savings alone comes to about 19000 $ for 7 years. But it does come with an additional risk of rate going up after 7 years.

Is there a risk of mortgage rates(30 yr fixed) hitting above 5% after 7 years considering the planned Fed rate increase. 

30 year fixed rate seems safe option but loosing 19000 dollars over 7 years also doesnt seem a great option.

Any suggestions/ideas on picking between 7/1 arm vs 30 year fixed rates?

Seattle, Washington, Kenmore