You will have to review the terms of your original loan. Some ARMs reset only once after a certain period of time, others reset annually. If you owe less than your home is worth, you may want to consider refinancing. Today's interest rates are quite a bit lower than what you are currently paying. Even if you owe more than what the home is worth, you may want to contact your lender to see what programs are available to you to reduce the interst rate and transition into a fixed rate mortgage.