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Mortgage Market Update
My Mortgage Company
Jeffrey Diaz
Friday, November 6, 2026
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Should you refinance right now? |
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Rates move all the time, and when they do, homeowners naturally start thinking about refinancing. But lower rates alone don't always mean it's the right time.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates are lower—it's whether a new loan saves you money over time once you factor in closing costs and how long you plan to stay in your home. Some people refinance to shorten their loan term or switch from adjustable to fixed rates. Others use it to tap into equity for repairs or debt payoff. But if you're planning to sell or move within a few years, refinancing may not pay off. I help clients do the math so they see the real picture, not just the headline rate. Understanding your timeline and goals makes all the difference. If you're wondering whether a refinance makes sense for your situation, let's talk through the numbers together.
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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
Jeffrey Diaz
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