If you are planning on refinancing your mortgage next year to maybe buy an rental property, or to take some money out to invest in your business or perhaps your home could use some updating then you should do this now as opposed to waiting.  We are in an increasing rate environment so rates should be better now versus than next year and moving up your refinance plans will therefore save you money in interest.  Also, if rates continue to go up, maybe the qualifying rate goes up which would mean that you would qualify for less of a mortgage.  Furthermore, if rates continue to rise, there is a possibility that house prices come down which again would reduce the amount of mortgage that you qualify for.  We are not trying to preach a doom and gloom future housing market and maybe none of these things happen but in case it may be a good idea to move your plans forward and if you do not want to take the money out just yet, at least think about obtaining a Secured Line of Credit.  This way you have the money sitting and waiting for your future needs but your interest payments only start once you access the funds.