Opinion needed - Should I even apply to refinance? Would would give me a chance?

[Anonymous]

Hi all:

I purchased a home in May 2008.  Purchase price was $175,000, I put 10% down, appraisal at the time came in at $235,000.  My credit was not in the greatest of shapes so I got a 7% interest rate.   

I was looking at maybe refinancing to a lower interest rate since I plan on being in this home for at least another 5 years or longer and maybe seeing if I can get rid of the PMI payment.  My credit is better but it's stuck in the 660-680 range on all credit reporting agencies.   

I'm hoping someone gives me a chance but with the way lending is right now, I'm afraid I'll get denied and I'll get hit with another inquiry on my credit (I'm trying to rebuild also).  Not to mention I live in South Florida so the market here isn't the greatest.  While the appraisal in May came in at 235K, right now it will probably only go for 200K.  

Any suggestions?? 

[DallasLoanGuy]

apply, you should be able to lower rate.

inquiries are overrated.

[Lel]

Yeah, apply for a refi now in case home values in your area are headed lower.  If your house can appraise for $200,000, then your LTV now would be right around 80%.  You should be able to get a new loan with that ratio.

[ShanetheMortgageMan]

Your scores were Ex 651, Eq 620, TU 630 on 08/07/08 - but what are they now?