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Mortgage Market Update
My Mortgage Company
Simone Phillip
Friday, November 6, 2026
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Does refinancing make sense right now? |
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Hi there. With rates shifting week to week, I'm hearing from a lot of homeowners wondering if now is the time to refinance. Let me break down when it 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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Refinance Basics
When does refinancing actually make sense?
Refinancing isn't always the right move, even when rates drop. The real question isn't whether rates are lower—it's whether the long-term savings justify the upfront costs of a new loan. If you're planning to stay in your home for several more years, refinancing might pay off. But if you're thinking of selling or moving soon, the math often doesn't work in your favor. The best time to explore this is when you have stable income, solid credit, and a clear sense of your future plans. If you've been curious about whether a refinance could benefit you, I'd love to run the numbers and show you what it would actually look like. Let's talk through whether refinancing 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
Simone Phillip
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