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Mortgage Market Update
My Mortgage Company
Pete Green
Friday, November 6, 2026
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Does refinancing actually make sense for you? |
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Hi there. I get asked about refinancing a lot, and the answer is rarely a simple yes or no.
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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)
A lot of people assume refinancing is always worth doing if rates drop. The truth is more nuanced. Refinancing can lower your payment, shorten your loan term, or help you tap into equity—but it comes with costs and time to recoup. The real question isn't whether rates are lower; it's whether the benefit outweighs what you'll spend to refinance, and how long you plan to stay in your home. Some borrowers break even in a few years. Others never do. I've seen people refinance too often chasing every rate move, and I've seen people sit tight when refinancing would have genuinely improved their situation. The math is personal to your circumstances. If you're wondering whether a refi makes sense for you right now, I'd like to walk through the numbers and see what the reality looks like. Let's talk about whether refinancing could work in your favor.
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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
Pete Green
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