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Mortgage Market Update
My Mortgage Company
Brad Payne
Friday, November 6, 2026
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Does refinancing make sense for you? |
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Refinancing comes up often in conversations with borrowers—and understandably so. But the decision isn't always straightforward.
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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)
Refinancing isn't always the right move, even when rates look attractive. The real question isn't whether rates have dropped—it's whether the savings over time will outweigh the cost to refinance. Some borrowers break even in a few months. Others never do, especially if they plan to move or pay off the loan soon. The right decision depends on your timeline, how long you've been paying your current mortgage, and what you're trying to accomplish (lower payment, shorter term, cash out equity). That's why a real conversation beats a gut feeling. If you're curious whether refinancing could work for your situation, I'd be happy to walk through the numbers with you. Let's talk through whether refinancing makes sense for you right now.
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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
Brad Payne
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