Should I Refinance now?

Should I wait for next year to refinance or should I do it now?
Because of the preypayment penelty.

Current Loan
8.55%
2 Year Arm
Prepayment Penalty $ 6,700 Expires March 2009
Term – 50 years Balloon

New Loan
FHA
5.5% APR
30 Years Fix
Points – 3.0
LTV 95
I have option one Morgage

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