Slow inflation began at Long Valley Caldera in late 2011, coinciding with renewed swarm seismicity. Ongoing deformation is concentrated within the caldera. We analyze this deformation using a combination of GPS and InSAR (TerraSAR-X) data processed with a persistent scatterer technique. The extension rate of the dome-crossing baseline during this episode (CA99 to KRAC) is 1 cm/yr, similar to past inflation episodes (1990–1995 and 2002–2003), and about a tenth of the peak rate observed during the 1997 unrest. The current deformation is well modeled by the inflation of a prolate spheroidal magma reservoir ∼7 km beneath the resurgent dome, with a volume change of ∼6 × 106 m3/yr from 2011.7 through the end of 2014. The current data cannot resolve a second source, which was required to model the 1997 episode. This source appears to be in the same region as previous inflation episodes, suggesting a persistent reservoir.