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Mortgage Market Update
My Mortgage Company
James Zeller
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Every borrower's financial picture is different, and what works for one homeowner might not work for another. This week I want to address one of the questions I hear most often.
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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 Basics
When does it make sense to refinance your mortgage?
Refinancing isn't right for everyone, and the answer depends on your personal situation—not just the rate environment. Some borrowers benefit from a lower rate or shorter loan term. Others refinance to tap into home equity for major expenses, consolidate debt, or switch from an adjustable to a fixed rate for peace of mind. The catch is that refinancing has costs, so the math only works if you plan to stay in your home long enough to break even. I help borrowers run these numbers so they can decide with confidence. If you've been wondering whether refinancing could work for you, or you're not sure how to evaluate the opportunity, let's talk through it together. Send me a message and we can walk through 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
James Zeller
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