Heading into the new year with rates at what might genuinely be their peak for this cycle. If that's true, the interesting question isn't whether to act, plenty of people are still frozen waiting for certainty that isn't coming. It's what to actually do while everyone else waits.
My plan for next year is boring, on purpose. Keep the properties that are cash flow positive even at 4.35%. Refinance the one that isn't onto a better structure if I can. Hold off on new purchases until I see whether "peak" actually means peak, or just means peak until the next surprise.
Nobody rings a bell at the top of a cycle. You only know in hindsight. Best I can do is make sure I'm still standing whichever way it goes.