Should I refinance if I plan to sell in a year?

[Justin Bautista]

I’d really appreciate your thoughts here.

I have a house that has $275K in loan. Market value is $300K. I plan to sell and relocate in a year because with the average rent in my area, I’d be renting this at a loss.

I'm getting offers of 2.875% APR, and my current APR is 3.875. I'll be saving about $200 a month if I refinance, but my loan will jump up to 280K and I'm afraid of selling at a loss.

What do you think? Should I refinance or keep the same APR?