If you worry about hyperinflation think what your dollars saved will be worth vs that 500k house. Myself I feel comfortable locking into 5 1/2% rates for 30 years. your rent also pays the taxes and makes your landlord a couple bucks too. God bless America. I love people like you.
My brother refinances every chance he gets. He then invests ALL the money he gets out. He believes you should have as little equity in your home as possible at all times.
If things get bad, you simply walk away, and take your investments with you. And he has absolutely no problem with that.
He is a licensed securities broker.