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Mortgage Market Update
My Mortgage Company
Darren Cox
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 walk through refinancing: what it is, when it can help, and when to skip it.
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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)
Refinancing means replacing your current mortgage with a new one, usually to lower your payment, shorten your loan term, or switch from adjustable to fixed rates. It sounds simple, but it's worth doing the math first. You'll have closing costs and a new application process, so a refinance only pencils out if the benefit outweighs those upfront expenses over the time you plan to stay in your home. The math changes depending on your situation—how much equity you have, your credit since you first borrowed, and how long you're planning to keep the house all matter. If you've been curious whether refinancing could work for you, I'm happy to run the numbers and show you what it might look like. Reach out anytime if you want to explore 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
Darren Cox
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