Currently have FHA, should I go conventional and increase my IR?

[Christopher Nerio]

Hi, I am trying to think of the best decision to make with the loan on my current home. I have gotten mixed answers on what is the best route to go. Anyway, I bought my home in 2015 with an FHA. I now rent out my entire basement and would like to purchase an investment property at the end of next year, 2017. My current rate is 3.375% not factoring in PMI. Rates have gone up now but was wondering if it is still wise for me to refinance in order to get into a conventional loan (my home has 20% equity). I have been told to stick with my current rate and the FHA loan. But I was thinking that if I get into a conventional loan, I will save money in the long run and have freedom to possibly buy another property with an FHA loan, make it my new primary residence, and also rent out the basement. Is there ever a benefit to staying in an FHA loan?