You'll have to provide more info as to how you are playing it back. What player, protocl, etc.
I'll make some guesses.
RTMP has very low latency, so I'm guessing you are not playing back using this protocol.
HTTP streaming methods such as Apple HLS, Adobe HDS, and Smooth streaming have a longer latency by their nature. Usually the latency is 3 chunks of video. Wowza allows you to configure the duration of each chunk (keyframe duration also comes into play). So if your chunks are 10 seconds, you'll have at least 30 seconds of latency.
I would consult wowza's forums. We have a very active support staff and developer community who can help you dig deeper.
Scott