What is 60 mo WSJ LIBOR?

It's actually not a long explanation at all; don't be roped into a sales pitch just to get an answer. Yes, it's possible that your floor is the initial rate, you need to read your terms in the note. It's also not rare, especially if your loan was originated 3 - 5 years ago. Many ARMs had a provision that they would never adjust lower but could go higher. It's sad but true. You can always refinance if you are able to do so; you should find a competent loan officer in Kansas to assist you.

WSJ is the Wall Street Journal. google the LIBOR index 6 month and see what the index is; it is problably about 1; they add the margin to it 2.5 and that is your rate unless you have a floor; the terms of your ARM had a flor, meaning that is as low as it can go; you need to refinance... call me 913.207.4327 - you can get a 5 year ARM for under 4% right now and a 30 year fixed lower then 5%