Although if you have money, 15YFRM is even better in building the equity.The recession has only lasts 18 months in the last 100 years, so either you will do refi on the second year anyway, or on the 10th year or even sell it, lot of choices. 

(Would rather see a recession first, personally...) 

Finely he says, "we are going to take a recess". 

However, because other real estate asset classes did even WORSE, MFRE was touted as being the most resilient in recessions.  

How does recession affect us?

Building supplies are up 5 fold.Throw in our current inverted yield curve and a recession seems on the horizon.

These concerns - credit ratings, inflation, interest rates, wars, recessions - don’t mean you / businesses should suspend all risk-taking.

The strategists argue that a decline in inflation will create favorable conditions for the central bank to make policy adjustments as early as March.Their outlook on the belief that the US economy will enter a recession by the second quarter of next year which will accelerate the timetable.

Many media outlets, respected investors and the like are reporting 2013 will be yet another recession.

While there's some forecasting that can help you, the future is uncertain especially with a potential recession, new federal and state laws changing, interest rate changing, etc.