62 yr old, psa of 7.92, free psa of 8% and psa velocity factor of 1.51 ng/ml/yr. should i be concerned at all? is a biopsy warranted?

PSA and what to do.: This must be discussed with the Dr.ordering the PSA. You need to know the risk and benefits of watchful waiting vs aggressive treatment in your particular case.

Yes: Assuming there are no other obvious reasons to explain your abnormal PSA values (total PSA 4-10 ng/ml; free PSA <10%), such as recent symptomatic UTI, your chance of finding prostate cancer (PCa) on a prostate biopsy approaches 50-60%. Prostate biomarkers would likely support. Can do an MRI prostate (recommended if prior negative bx), but recommendation is to proceed with a 12-core TRUS-guided bx

Yes- be concerned: PSA over 4 ng/ml is abnormal. The range from 4-10 may be caused by benign prostatic hypertrophy (BPH) or prostatitis. See a urologist.