Refinance Now? End of 5th Year of 5 Year Arm

[Jerad McIntyre]

My current loan situation. 
Currently at 2.75% interest rate. 
5/1 Arm with 2% cap per year and 5% cap total. 
First change date is Oct 1, 2021. 
My rate will then adjust by adding 2.250 to the 1 year LIBOR index (Today that is 0.28%.) and then rounding up to the nearest .125%. My current rate would drop to 2.625% if it was to adjust today.
Tax fair market value is 240k.

Loan amount originally was 196k and currently the principal is at 178k.

I don’t rent it out currently. 

Should I refinance now or wait until after OCT 1 when maybe my interest rate goes down or ride this out even longer? 

Thanks for your opinions and suggestions.