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Why would refinancing my mortgage increase my PMI, even though rates are lower?
There are deals out there which allow refinancing up to 125% of appraised value so long as you have a solid payment history. You need to research banks in your area working with HARP funded mortgages.  An alternate method is to find a bank that will finance 80% of the current value at 4% and the rest as a HELOC. The rate will be higher on the equity line, but the average rate will be better and you can pay the line off faster.