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Mortgage Market Update
My Mortgage Company
Test
Friday, November 6, 2026
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Should you refinance? Here's how to tell. |
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Not every homeowner should refinance, and not every rate drop is worth the effort. This week, let's look at how to know when it makes sense 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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Refinance Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look tempting. The real question is whether the monthly savings or other benefits will outweigh closing costs and the time you'll spend in the loan. Some borrowers refinance to lower their rate or shorten their loan term. Others tap equity for a home project or to consolidate debt. A few find that staying put in their current loan makes more financial sense. The answer depends on your timeline, how long you plan to stay in your home, and what you're trying to accomplish. I'd be happy to walk through the numbers with you and help you figure out whether refinancing is worth exploring right now. Let's talk through your situation and see if refinancing could work for you.
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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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