Is refinancing good for my case?

[Arian Cabrera Alvarez]

My question: Is refinance a good option to get rid of my PMI and lower the monthly payments. Could you please augment your answer, just to understand why yes or no?

Numbers below:

House price initially ($235K)  Principal (as of now): $212K Interest rate: 4.625%

Monthly payments (with escrow and PMI): $1740 PMI: $89 monthly

House price estimate now $250K~260K maybe more due to the market trending, just recently a similar house in the neighborhood got sold at $275K. Zillow estimate is $259K.

My current lender with my credit score said I could get a 2.9% interest rate (I may need to buy points, yes sorry I forgot to ask for the points) and keep 28 years as the term of the loan and that should save me $150 a month.

Fees for the refinance (you guys know more than me on this) could be around $4000~6000

Is refinance a good option? should I stay like this till I get to pay 20% of the loan? or ask for a house revaluation and get rid of the PMI?

Thanks in advance,

Regards,

Arian CA