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Mortgage Market Update
Joseph Kennaley
Joseph Kennaley
Friday, November 6, 2026
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Should you refinance? The honest answer |
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Hi there. This week I want to tackle a question I hear often: when is refinancing worth it?
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Refinancing Strategy
When does refinancing actually make sense?
Refinancing sounds appealing when rates drop or your situation changes, but it's not always the right move. The real question isn't whether you can refinance—it's whether you should. A lower rate matters only if you'll keep the home long enough to recoup closing costs. Better credit or a stronger financial position might qualify you for programs you weren't eligible for before. And sometimes a refinance isn't about the rate at all; it's about switching loan types, tapping equity for a major expense, or simply resetting your timeline. The math is personal to you. I'd rather spend fifteen minutes running the actual numbers for your situation than have you make a guessing game of it. If you're wondering whether a refinance pencils out for you, let's walk through it together.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Joseph Kennaley team any time and we'll walk you through your options. |
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