https://www.cnn.com/2023/07/26/succe...ederal-reserve
"Interest rates just went up again"
By 25 bps.
"Cost of financing and borrowing against your home still high"
Depends on what you are trying to do and what your financial situation is. If you are relatively debt free and looking to spend money just to spend it, then yes, bad time to borrow against your equity.
If you are looking to get out of debt, such as credit cards, loans, etc., then it may still be a good time to do a cash-out refinance.
Which makes more financial sense?
1. Not borrow against your home equity and keep the high-rate toxic debt (credit cards, loans, etc.) with close to 30% rate
OR
2. Take a cash-out refinance with a higher mortgage rate of approx. the 7% range and pay off the high-rate toxic debt.