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Mortgage Market Update
My Mortgage Company
Benjamin Segovia
Friday, November 6, 2026
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Refinancing isn't just about rates |
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Hi there. This week I want to tackle a topic that comes up a lot, but often gets oversimplified.
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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 Basics
When refinancing makes sense for your situation
A lot of people think refinancing is only about chasing lower rates, but that's just one reason to do it. You might refinance to shorten your loan term, switch from an adjustable to a fixed rate, tap your home's equity for a major expense, or even consolidate debt at a better rate. The right move depends entirely on your goals and where you stand with your current loan. The key is running the real numbers—when you refinance, you typically start a new loan, so closing costs matter and the math has to pencil out for your timeline. If you've been wondering whether it's worth looking into, I'd be happy to walk through your options with no pressure. Let's talk through whether 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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Your Mortgage Advisor
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My Mortgage Company
Benjamin Segovia
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