Why did you get a ARM? Eyeroll

You should probably do that anyway unless you are moving soon (the only reason you should ever get a ARM)

I'm no expert, but I'm about to refinance and here are my thoughts.

30 year fixed mortgage and take some of the equity out of my house in the process. This will give me lowest payment.

This will also give me cash to put into the market.

Either: the world as we know it ends, and money becomes worthless and those payments are suuuuper cheap even though the house will probably also be worthless? (unlikely in my opinion)

Or: everything recovers soon or even five years from now. My investments are worth more than I bought them for (I probably won't be able to buy at the exact bottom, so I'll have to buy and forget some, and leave most with a trusted money manager)

If you're convinced the doomsday is absolutely coming, you probably want gold, beans, bullion, bandages, and bullets? No advice on housing for this one. I bet u/EricCiaramella has more insight on this