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Mortgage Market Update
My Mortgage Company
Tera Taylor
Friday, November 6, 2026
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Does refinancing make sense for you? |
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A lot of homeowners wonder whether they should refinance, but the answer isn't always yes. This week I want to walk through what actually matters when you're deciding.
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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 refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates drop or your situation changes. The real question is whether the benefit you'd gain outweighs the cost of closing a new loan. Some borrowers see a genuine advantage in lowering their rate or switching to a shorter term. Others find they're better off staying put, especially if they're already partway through their loan. It depends on your timeline, how long you plan to stay in the home, and what the new terms would actually look like. That's where a conversation with me matters — I can run the real numbers and help you see if refinancing pencils out for your specific situation. Let's talk through whether refinancing makes sense for you right now.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Tera Taylor
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