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Mortgage Market Update
My Mortgage Company
FullyScale Sandbox
Friday, November 6, 2026
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Does refinancing actually pay off for you? |
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When rates move, the question almost always comes up: should I refinance? The honest answer depends on your specific situation—and some borrowers benefit far more than others.
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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 Reality
When refinancing makes sense (and when it doesn't)
Refinancing can be a smart move—but only if the math actually works for your situation. The biggest mistake I see is borrowers focusing only on a lower rate and ignoring how long it takes to recoup closing costs. If you're planning to move in three years, a refinance might never pay for itself. On the flip side, if you're staying put and your rate environment has shifted, the numbers could work strongly in your favor. The key is looking at your total timeline, your actual closing costs, and how much your payment would really drop—not just hoping a new loan will fix things. I'm happy to walk through the real numbers with you and help you decide if it's worth pursuing right now. Let's talk through whether refinancing makes sense for your home and your plans.
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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
FullyScale Sandbox
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