Cash out refinancing: rates went down since I got locked in

[Jack B.]

I have a lock at 3.625% for four rentals that expires October 9th...

Rates are now down to 3.12% with the lender. The offered me a 2K concession for them which I took, but I'm wondering....what if I just delay this somehow until the lock expires? It's about 5K extra payments each year TOTAL for all of them combined at the higher rate...

Or I could sell the rentals in a year or two as they come up for major cap ex...something I had considered doing anyways....

I plan on using the refinance money to buy more rentals so I'll get the lower rate for the 4 new rentals I'll buy, and if I sell the rentals next year anyways I'll get a lower rate as well repurchasing. I'm cash out refinancing so that I don't have to be subject to 1031 exchange timelines for all my new purchases, it would be tough to find 8 new rentals selling 4, in the tight timeline of 45 days. I can buy 4 with the cash out money, rent them out, then sell the other and buy 4 new ones.