I am trying to decide if its better to refinance now before the end of the year to wrap up debt we accrued after a period of insuffiecient contracts or wait until a new guaranteed contract kicks in which BEGINS January and by April will leave us with cash close to the amount we owe?

The reason I prefer to go ahead and wrap the debt is that I dont know the next time a fat contract will come around again. I'd rather take that cash and put it away for a rainy day and pay the debt off more slowly.

There is enough equity in our home and our credit is good enough that it should not be a problem to refi now. But I know lenders like to see cash reserves, which we now do not have.

To complicate matters, the contract is out of town/overseas and I wont be able to complete paperwork So I would need to move quickly.

What are the thoughts on interest rates rising again within the next 5 months?
Are home values projected to rise or fall?