As he said, you may be supprised and the rate may actually go down!
it says that the rate can change on first of september 2010,
the one yeay london interbank offered rate (libor) whic is the average of the interbank offerred rates for one-year us dollar denominated deposits in the london market, as published in wall street journal, the most current inddex figure available as of the date 45 days before each change date is called the currrent index"
then it says:
new interest will be calculated by adding 2.250 to current index
Here's the link: http://home.ingdirect.com/products/products.asp?s=OMAHP
Find out what your index is(the 1 year tesury bill, etc) and what your margin is: 2.75%, etc. Your new rate will be the index + the margin. You may be pleasantly surprised if you have a low margin and good index. Ask your servicer or look at your old note for the terms.