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Mortgage Market Update
Derek Niday
The Niday Lending Team
Friday, November 6, 2026
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When might refinancing make sense for you? |
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Every homeowner's situation is different, and so is every mortgage. This week I want to cover a question I hear often: when is refinancing worth considering?
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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
When does it make sense to refinance?
Refinancing means replacing your current mortgage with a new one, and it can be useful if your situation has changed. Some people refinance to lower their payment when rates drop, or to shorten their loan term when they're in a better financial position. Others use it to tap home equity for improvements or large expenses. The trade-off is that refinancing involves costs and a new application process, so it's worth running the numbers first. If you're wondering whether your circumstances might benefit from a refinance, I'm happy to walk through the math with you—no obligation. Let's talk about whether refinancing could work 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 Derek Niday team any time and we'll walk you through your options. |
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