When to refinance and what to do with 2nd mortgage?

Bought home in October of 2006.Bought it with no money down. Did 80/20 Loan: 1st Loan 7.125% 2nd 10.5%. Interest only 5/ARM. Price was $ 584000 In the Los Angeles area.
Bought Home below market value, houses around my area are selling for $ 650K and up.How soon can I refinance to a fixed rate and what can I do about the 2nd mortgage in order to avoid getting a Jumbo Loan rate and having to pay PMI?

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