Should I refinance my FHA 4% interest loan with PMI to a conventional loan at 4.375% without PMI?

[Robert M.]

I obtained an FHA loan for 240k at 5% with PMI back in April 2009. In 2013 I received an offer in the mail to refinance my loan to a streamline FHA loan to 3.5% interest rate, the mortgage company didn't lock me in time and I wound up with a 4% FHA streamline loan. I read that PMI drops off automatically when you reach 78% of the debt to equity ratio but was recently told that this would not be the case and I would be paying PMI for the life of the loan since I refinanced into new FHA guidelines in 2013.

I recently received an offer in the mail to refinance out of my 225k FHA loan into a conventional loan at 4.375% interest. I would not have to pay $103/ month for PMI but would have a .375% higher interest rate. I want to make the best decision possible and would like to know if anyone thinks this is a good deal?

Thank you!