Refi to cash out? Or wait?

[Erika Nuñez]

My husband and I are lost on what to do :(

Current Situation: 

- Have a house that’s built a lot of equity 

- Have a HUD loan of 30G that was added to the back of my mortgage.
- My house loan is still FHA at 4.6%

So now, I have a quote for a owner occupied refi to conventional that will…

- Eliminate my HUD 30G

- Give me back 18G

- interest rate rises to 6.3% and mortgage payment goes up $400
- closing  costs 15G 

we are not sure if we should wait for interest rate to go down or if we should just go for it, refi later and use money to complete a down payment for a new rental. 
Hubby also thinks the closing costs are way too high! 

Appreciate and welcome any advise!! Thank you so much