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Mortgage Market Update
Michael Medina
Michael Medina
Friday, November 6, 2026
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Should you refinance? Here's how to tell. |
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I get asked about refinancing all the time, and there's no one-size-fits-all answer. Let me break down how to think about 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)
A lot of homeowners ask me whether they should refinance, and the honest answer is: it depends on your situation. Refinancing can make real sense if your financial picture has changed—maybe your credit improved, your home gained value, or you want to shorten your loan term. But refinancing isn't free, and it's not automatic that you'll save money just because rates moved. The key is comparing your actual costs and timeline. If you're planning to stay in your home long enough to recoup those costs, it might be worth exploring. If you're on the fence, I'm happy to walk through your numbers with you and be straightforward about whether it pencils out for you personally. Let's talk through whether a refinance could work for your goals.
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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 Michael Medina team any time and we'll walk you through your options. |
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