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Mortgage Market Update
My Mortgage Company
Colton Chase
Friday, November 6, 2026
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Does refinancing actually work for you? |
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One of the questions I hear most often is whether now is the right time to refinance. Let me walk you through 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 Strategy
When refinancing makes sense (and when it doesn't)
Refinancing sounds appealing in theory—lower your rate, reduce your payment, pay off your loan faster. But it only makes financial sense if the benefit outweighs the cost and time involved. That's where a real conversation helps. We look at your loan terms, how long you plan to stay in your home, and what rates are doing today to figure out whether refinancing would actually move the needle for you. Sometimes it's a clear yes. Sometimes waiting a few months is smarter. And sometimes your current loan is doing exactly what you need it to do. The only way to know is to run the numbers with someone who has access to your full picture. Let's talk through whether a refinance 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
Colton Chase
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