If my 5 year in arm refinance loan 30 years fixed rate or should I wait?

I own a condo in Maryland. I bought it in 2005 and is now valued at about. 200 220K.Ich have two mortgages: a 5 year arm 5.125%, termination in 2010, and a second mortgage at a fixed rate of 7.00%. My total balance on the mortgage loans is approximately 220K (187K on the first and second 33K) refinance. Do I now or wait to move closer in 2010 and continue paying the mortgage in the meantime? Maybe I should refinance only the first mortgages on time?

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