Refinance or not ...?

I have a loan at 308K and have just got my home appraised for 285K.I had locked in a 15yr 4.5% loan without Mortgage Insurance and now with my new appraisal , i can only get a loan upto 256K(90% of value of home). This requires me to take 52K from my savings and pay for my loan. Is it wise thing to do? I plan to live in this home for another 5 years and then may be buy another property and put current one to rent. What would you do ? I had paid off my second trust last year for which i was paying 7.625%. My current loan is 30Yr 5.875 % and all attempts to refinance failed due to value of the home.