Refinance - Good Time?

Do it! I did the same thing last year. Just make sure to research what you think would be some good comps to make sure you're in the ballpark of your 80% LTV. Also, don't be afraid to tell the appraiser the number that you need. If you're close, they should make it work for you. Good luck

What is available interest rates?

If it's just PMI, from 4 years ago you should be able to get new appraisal and get out of it. May be some restrictions like 5 years, but I don't think you should be locked in like now.

Doesn't hurt to look into it. At worst appraisal is $400-ish and you can stop there.

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My FHA loan from 2 years ago required me to reach a minimum the 22% mark of the original sale price of the house. also, a minimum of 7 years before you can ask for PMI to be removed if the 22% mark is reached early.

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yeah i think mine (3 years) is 22% and 5 years.

for those that have refi'd, how much did it cost you to do so? i'm kind of in the same boat, except my rate is really low (3.75%). the only benefit i'd get is getting out of the MIP.

The general rule of thumb is if you can trim a full percentage point off of your current rate, do it. Its that simple.

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My FHA loan from 2 years ago required me to reach a minimum the 22% mark of the original sale price of the house. also, a minimum of 7 years before you can ask for PMI to be removed if the 22% mark is reached early. need to look at you closing documents, as FHA has had a number of changes in recent years. with the newest being PMI for the life of the loan mow

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That's why you just refi with a conventional loan and basically "start over". No 22% requirement or waiting period.

On a similar topic, I am in the market for a new house and need a mortgage. Where are rates at for conventional loans these days? I haven't looked yet, but want to get an idea what I can expect. credit is not an issue.

$5500 to refinance? That sounds like a lot.
I paid a little under 2K, and it was rolled into the loan.
I owned the house for 2 years beforehand, refinanced and went from a 30 year at $1800 a month to a 15 year at $1550 a month. Such an easy decision to make when it works like that.

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Is it worth refinancing if you only plan to be in the home 5-8 years

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Without knowing all of your particulars such as current rate, amount owed, current valuation of the house, etc., it's impossible to say. It certainly could be though, it bears further investigation by you.

When mortgage interest rates were available at a rate of below 2% two years ago, those loans would not be smart to get out of no matter if PMI were still on them. If anyone ever charges you less than 2% interest on something you have to get with credit:

WIN