[Deal Seeker]

Refinance given the new high MIP rate? Here are the details:Loan amount: $109,000, Fixed, 30yrsMy current FHA loan is at 5.99% interest rate, fixed 30yr, with monthly MIP payment of $46. If I do not refinance, the MIP will go away in 3 years since I am 2 years into my loan, dropping my monthly payment by $46/mo.If I refinance, my interest rate will drop to a 4.5%, BUT the monthly MIP will go up to about $102 based on the new FHA MIP rates AND the MIP will stick on the refinance for another 5 years! The Refi closing costs would be about $1,200 after all reimbursements.Is it worth it? Is there an FHA finance/mortgage expert out there to break down the details and options, if any? Greatly appreciated.My credit score is 770 - 780. I have a second mortgage of $12K which is at 0% and forgivable in 20% increments each year. The only stipulation is that I could not 'break free' of the FHA type loan, so a conventional may not be in my best interest because otherwise I would have to pay the 2nd mortgage. That is unless I get a 2.5% rate which is not realistic. Thanks,Thanks for your answer. However, from my online research, I thought MIP actually drops when the LTV reaches 78%, not necessarily the Loan to Principle (similar to PMI). I purchased my home 2 years ago for $146K and my principle loan amount was $110K. If my home today is worth $140K, then my LTV would be approximately 78%. However, FHA stipulates that MIP must be paid for a MIN of 5 years even if LTV is less than 78%. Please correct me if I'm wrong. Thanks again.