Because of a serious lack of housing inventory, we are seeing double digit inflation in home values. We are continuing to refinance clients out of FHA with PMI into conventional financing with no PMI. Our most recent transaction was a client in Brentwood who purchased his home in December 2009. He now has 25% equity in the home! By refinancing now, he reduced his interest rate over 1 percent and he eliminated his mortgage insurance for life. We expect interest rates to stay low through summer but there are no guarantees. Locking into a rate now may be a very smart move. Contact our office for a free mortgage checkup which includes a comparable sale analysis of homes in your neighborhood which will give us an approximate appraised value and enable us to put a proposal together to see how much a refinance can save you.