Corey Riggs · November 6, 2026

Does refinancing make sense for you?

Mortgage Market Update

My Mortgage Company

Corey Riggs

Friday, November 6, 2026

Does refinancing make sense for you?

Refinancing gets talked about a lot, but it's not the right move for every homeowner. Here's how to think about it.

National Mortgage Rates · November 5, 2026

Conventional 30-Year

7.18%

FHA 30-Year

6.90%

VA 30-Year

6.76%

Rate trend

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.


Refinancing Basics

When refinancing makes sense (and when it doesn't)

Refinancing isn't right for everyone—and that's okay. The decision really comes down to your situation: how long you plan to stay in your home, what your current loan terms are, and whether the numbers add up over time. Sometimes a lower rate or different loan term can save you real money. Other times, the costs involved mean you'd need to stay put for years just to break even.

That's why I always recommend running the numbers before you decide. There's no one-size-fits-all answer, but there are clear reasons to refinance or to pass. If you're curious whether it makes sense for you, I'm happy to walk through the scenario without any pressure.

Reach out if you'd like to explore whether refinancing could work for your situation.

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.

Tips for Homeowners

Protecting Yourself from Mortgage Scams

1.

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.

2.

Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.

3.

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.

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.

Your Mortgage Advisor

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My Mortgage Company

Corey Riggs

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