Is the 5/1 ARM even a good choice for a refi loan these days ?

The quick answer is, it depends on how long you plan to be in the home. Arm rates are about 1/2 % lower than 30 yr fixed for the same loan amount so you could conceivably save some money in interest costs during the first five years of the loan. Starting with your 6th yr your rate will increase probably to a rate higher than the original 30 yr fixed so from that point on you will be giving back your savings. Your future plans on ownership really determine the best course here.