It can make sense, and the first step is to separate your first mortgage from the second. A lot of homeowners took a HELOC or a fixed-rate second precisely because their first mortgage rate was too good to give up (a low 2-to-4% range, illustratively). Leave that first loan alone; your blended rate across both is still better than any new single refinance would be. The real question is what to do with just the second. The mechanism that matters: HELOCs and most variable seconds are tied to the short end of the rate world (prime, which moves with the Fed funds rate), while your first mortgage tracks the 10-year Treasury. That is why a Fed cut can pass through fairly directly to a HELOC rate even when it does little for 30-year mortgage rates. To the extent the Fed keeps easing, variable second and HELOC rates tend to follow. The honest caveat: nobody can promise how far or how fast that goes, and cuts the market already expects may be partly priced in. So skip the forecast and run the actual numbers on your second: compare a fixed-rate second against keeping the variable HELOC, and act when the math works for you. Happy to model both on the free Roadmap conversation, where we run your real numbers.