Should I Cash-out Refinance in AZ?

[Michael Mai]

Hey all - 

I hope all is well with everyone and the family =) ! I am in a difficult situation, hope you all can help with this tough question, 

SHOULD I DO A CASH-OUT REFINANCE NOW OR A LATER DATE WHEN I NEED THE CASH FOR A PROPERTY? 

I have an investment property in Mesa, AZ, currently cash flow positive 30 year @ 3.875% 

I have enough equity to take out $70K, 30 year @ 4.125% if I do a cash-out refinance now. 

My question is should I do a cash-out refinance now even though I don't plan on purchasing a house anytime soon? <-- I don't want the money to sit in the bank with 1% 

I also already have a separate housing fund saved up on the side so this $70K would be an addition into my savings account. 

Thank you very much for any advice in advance!