I had an 7-1 ARM that expired last September, but remained at 5.25% for this year also.

If it didn't change on the first adjustment, your floor rate is probably 5.25%, meaning that is the lowest it can go. It would have likely adjusted lower if it could have. Odds are that it will stay the same in September, especially if it's a LIBOR based ARM, but you should consider refinancing it since 30 year rates are better than what you have now with the ARM. If you have the equity and are in a financial position to do so, consider a refinance. Gregorio Denny - WeFixRates.Com

To refi or not will depend on your long term goals for this property. Mainly, how long do you plan on keeping this home. The longer you plan to be there, the more it makes sense to refi now.