TBD · November 6, 2026

Should you refinance your mortgage?

Mortgage Market Update

My Mortgage Company

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Friday, November 6, 2026

Should you refinance your mortgage?

Not every rate move calls for a refinance. This week I want to walk through what actually makes it worth doing.

National Mortgage Rates · November 5, 2026

Conventional 30-Year

7.18%

FHA 30-Year

6.90%

VA 30-Year

6.76%

Rate trend

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.


Refinancing Basics

When does refinancing actually make sense?

Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates dropped—it's whether a new loan saves you money over the time you plan to stay in your home. You'll have closing costs, a new timeline, and a reset on your equity build. That said, if your circumstances have changed (better credit, more equity, different loan needs), refinancing can absolutely work in your favor. The key is doing the math with someone who knows your full situation, not just chasing headlines about rate movement.

If you're wondering whether it makes sense for you right now, I'd be happy to walk through the numbers.

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.

Tips for Homeowners

Protecting Yourself from Mortgage Scams

1.

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.

2.

Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.

3.

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.

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.

Your Mortgage Advisor

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My Mortgage Company

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