Is it worth refinancing a long-term rental to gain a point on the interest rate?

[Brandon Burch]

I currently have one investment property in Fort Wayne, IN. This is a single family home and was originally a primary residence before turning it into an long-term rental.

Some strategies I'm considering to grow my portfolio are using a HELOC/1039 tax exchange to purchase a second investment property/multi-family property or refinancing my current investment property into a conventional loan to utilize another FHA loan for a primary residence (with the idea of eventually turning that into another long-term rental).

I currently have a 7% interest rate, and am considering refinancing in the coming months if/when the rates drop. Would refinancing now to simply gain a point (if that) on my current rate affect my ability to carry out one of these other strategies in the next year?

Any discussion would be a huge help!