Cash out with Increasing rates?!

[Ed S.]

I just wanted to get a some takes on refinancing to cash out during current times of increasing rates. Its tempting to pull equity for another investment but that would take me from 3.25% (on a good size loan) to maybe 5% or so, increasing my payment by roughly $800. 

Are you leaving the equity put (on long term holds) or cashing out now before rates go higher? 

[Jaron Walling]

Pulling equity another way... aka HELOC? ;-) @Matt DeBoth