Should I refinance now?

[Mike]

On my house, I currently have a ARM at 5.25% that expires in November 2010. The loan amount on the ARM is 154k and I have been paying on this for five years so far.

I also have a 30k Home Equity line on the home at approx 4%, but that one is a moving target. With the craziness in the market, does it make sense to refinance both loans under a fixed mortgage, even if the rate is at 5.75. I would likely do a 25 year mortgage on the total amount of approx 185k. I live in the Charlotte NC area and the market here is stable...the house has appreciated at about 5% a year since we bought it.

Is this a wise move to refinance my Home Mortgage now?