Should I refinance my condo?

[Justin Johnston]

I have a condo I rent out that has great success with staying occupied I've had a zero percent vacancy rate on it since moving out and converting it to a rental three years ago. I bought it with 5% down as it was originally owner occupied and it currently has a 4.125% interest rate so all for principal, interest, insurance, taxes, and HOA I pay $1,942.38 per month, which is entirely covered by the rent paid by the tenants. It appears that I can refinance (no cash out) to an interest rate of 4.8% however with the remaining balance on the mortgage that I would be borrowing my total payment will drop to $1,787.00 per month and I will no longer have PMI.

Is this something I should do?