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Mortgage Market Update
My Mortgage Company
Felipe Aguila
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Sometimes the best financial move is doing nothing. Other times, it's worth taking action. This week, let's look at when refinancing actually pencils out.
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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 does refinancing actually make sense?
I talk to homeowners all the time who wonder if they should refinance. The honest answer is: it depends. Refinancing makes the most sense when your financial situation has genuinely improved—better credit, more equity, or a meaningful change in rates or loan terms. But refinancing isn't free. There are costs involved, and it takes time to recoup them. That's why it's worth doing the math first: How long do you plan to stay in the home? What would your new payment look like? How do the closing costs factor in? I've seen borrowers save thousands by refinancing at the right moment, and I've also seen borrowers avoid a costly mistake by doing the math upfront. If you've been thinking about it, let's talk through your specific numbers and see if it makes sense for you. Reach out and we can run a quick refinance analysis 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
Felipe Aguila
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