Refinancing on primary resident

[Molly Plude]

Hello BP family!

I'm really confused about refinancing on a home. I'm thinking to refinancing my primary home to take some cash out and lower the interest rate. So here's the deal, the house is worth $450k and currently balance of a loan is $330,554 and bought with interest rate of 4.375. If I refinancing now I'll  get cash out around $24k with interest rate of 3.99 at 30yrs loan. What got me curious and not understand is why my new loan balance goes up at $360k when the value of the house worth more than before. Shouldn't I be able to take out the difference between the current value of the house and current balance of the loan? Please enlight me with your knowledge.