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Mortgage Market Update
My Mortgage Company
Griffin Stephens
Friday, November 6, 2026
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Does refinancing make sense right now? |
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Hi there—this week I want to talk about one of the most common questions homeowners ask me.
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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 (and when it doesn't)
A lot of homeowners ask me: should I refinance? The honest answer is, it depends on your situation. Refinancing can lower your monthly payment, shorten your loan term, or switch from an adjustable to a fixed rate—but it also costs money upfront and takes time to close. The real question is whether your goals have changed since you got your original loan. Maybe rates have moved in your favor, or your credit has improved. Maybe you want to tap equity for a renovation or consolidate debt. Or maybe your life circumstances are simply different now. I always recommend running the math on whether the long-term benefit outweighs the near-term costs. Every borrower's timeline and priorities are different, so what works for your neighbor might not work for you. If you're curious whether refinancing could help your situation, I'd be happy to walk through your options.
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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
Griffin Stephens
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