I have a mortgage for about $68,000 at 6.875% 30 year fixed and an auto loan for $10,000. Should I refinance?

I would like to consolidate and make only 1 payment per month (which is ideally less than my current combined two payments). Is now a good time to refinance? I would consider a 7 year ARM to get a lower rate since I plan on selling my home when I am finished with grad school.

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