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Mortgage Market Update
My Mortgage Company
Julie Gallegos
Friday, November 6, 2026
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Should you refinance? Here's how to tell |
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Hi there. This week I want to tackle a question I hear often: is now the right time to refinance my mortgage?
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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 Basics
When refinancing makes sense (and when it doesn't)
A lot of homeowners think about refinancing when rates drop, but the real question is whether it pencils out for your specific situation. Refinancing isn't free—there are closing costs and a new loan timeline to consider. The benefit has to be big enough and your timeline long enough to make those upfront costs worth it. Sometimes staying put is the smarter move, even if rates look better. That's why it pays to run the actual numbers before you decide. If you've been wondering whether refinancing could work for you, I can walk through what it would look like and whether it makes financial sense. No obligation, just clarity so you can make the right call for your home and budget. Let's talk through your refinancing options—reach out and we can run some scenarios 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 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
Julie Gallegos
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