Should we refi already???

[Joe Garretson]

We closed on our first property on 12/4/23, so like 45 days ago. We put 20% down on a $140,000 purchase and have a conventional 30yr at 8.5%. We don't make our first payment until Feb 1 but I believe rates have dropped significantly since we purchased. The house is rented on an 18mo lease through June 2025. The DSCR on the current loan is 1.5. With taxes, insurance and prop mgmt we're still cashflowing.

Question is: should we refi already? Wait in the hopes that rates drop further this summer?