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Mortgage Market Update
My Mortgage Company
Rosemary Dao
Friday, November 6, 2026
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Does refinancing actually pay off? |
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A lot of homeowners wonder if they should refinance, but not everyone should. Here's how to figure out if it's right for you.
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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 Math
When refinancing makes sense (and when it doesn't)
Refinancing sounds great in theory—lower your payment, shorten your term, switch from adjustable to fixed. But it only makes sense if the math actually works for your situation. There are costs involved: appraisal, title work, underwriting fees. If you're planning to sell or move in a few years, those costs might outweigh your savings. The real question isn't whether rates dropped—it's whether you'll stay in the home long enough to break even. I run this calculation for borrowers all the time, and the answer is different for almost everyone. If you're curious whether refinancing could work for you, I'm happy to walk through the numbers with no pressure. Let's talk about whether a refinance makes sense for your situation.
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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
Rosemary Dao
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