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Mortgage Market Update
Jon Puente
Jon Puente
Friday, November 6, 2026
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Should you refinance? Here's how to tell |
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A lot of homeowners wonder whether refinancing is worth considering. Let me break down the real factors that determine whether it makes sense for you.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.05%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey · Includes our pricing adjustment
Rates shown are national mortgage index rates plus our pricing adjustment, 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 it makes sense to refinance your mortgage
Refinancing means replacing your current loan with a new one, usually to get better terms or access the equity you've built. People refinance for different reasons: to lower their monthly payment, shorten their loan term, switch from an adjustable to a fixed rate, or tap into home equity for major expenses. The catch is that refinancing comes with costs, so it only pencils out if your new loan saves you enough money over time to cover those expenses. The math depends on your current rate, the new rate you'd get, how long you plan to stay in your home, and your specific situation. There's no universal answer—which is exactly why it's worth a conversation. I can walk through whether refinancing makes sense for you right now. Let's talk through your refinancing options and see if it's the right move.
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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 Jon Puente team any time and we'll walk you through your options. |
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5860 Baker Road, Minnetonka, MN, 55345
269-599-3395 | jonpuentemortgage.com
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