Refinancing to pull out equity for down payment+rehab cost

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Hi Everyone,

I'm not sure if I picked the right forum but here is my scenario and hopefully someone can assist us: Me and my wife are trying to refinance our main property in order to cash out $50,000 from our equity. 50K is about 30-40% of the entire equity so we are not totally maxing out the equity available, just FYI. This amount is the amount we will be using as a combined down payment and rehab cost for the 1st property we are buying. We are given a 4.375% rate for 30 years. I have a feeling that this rate will not go down anymore. Should we lock on the 4.375% rate or wait for it to go down?

Thanks in advance.

Earl Melendres