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Mortgage Market Update
Markiesia Scott
Markiesia Scott
Friday, November 6, 2026
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Does it make sense to refinance your mortgage? |
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Sometimes I hear from borrowers who wonder if they should refinance—and sometimes I hear from people who are sure they should but haven't checked the actual math. Both are common questions, and both deserve a real answer.
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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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Refinance Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The math has to work: you need enough equity built up, a lower rate that justifies closing costs, and enough time left in your loan to recoup what you spend upfront. Some borrowers benefit right away; others need to stay put for a few years to break even. The good news is that figuring this out isn't complicated—it's mostly arithmetic. I can pull your current loan details and show you exactly what the numbers say for your specific situation, no obligation. If refinancing makes sense, we move forward. If it doesn't, I'll tell you that too. Let's run the numbers on your loan and see what your options really are.
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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 Markiesia Scott team any time and we'll walk you through your options. |
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