How many years have you been in your current home?
How much of your original mortgage has already been paid off?
Is your current interest rate higher than what is available for a refi? If so, how much higher?
Do you know exactly what refi you would pick, the change to your monthly payments, the change to the timeline of your mortgage, and the amount of cash you would have afterwards?
Do you have other debt (high interest rate credit cards, loans, etc.) that could be paid off with the refi cash? This should be your first priority if so.

Do you have experience investing in the stock market?
If so, do you have a good knowledge of the markets and specific strategies?
Do you have a good track record of making your own investments that are profitable?
Do you know exactly what your plan would be to invest any cash that you have available?

If you have answers for all of those, and you have experience in the market and know how to be profitable (both when it goes up and when it goes down), then yes you could do this. Or you could just do the refi and pay off debt. You have options. But make sure to have a plan before you decide what to do, or not do.

And your decision should not be based on what you think the market will do. If you are skilled enough to manage your own investments, then you can be profitable in any market (going up, down, or sideways). But you have to be very honest with yourself on your investing/trading skill level.

[Post edited by HokieAl at 10/25/2021 12:41PM]