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Mortgage Market Update
My Mortgage Company
Kevin Spain
Friday, November 6, 2026
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Should you refinance your mortgage? |
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One of the most common questions I hear is whether someone should refinance. The answer isn't always yes—but sometimes it's a smart move.
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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 refinancing makes sense (and when it doesn't)
Refinancing means replacing your current mortgage with a new loan. People usually consider it for one of two reasons: to lower their monthly payment or to shorten their loan term. But refinancing isn't free—there are closing costs involved, and it takes time. That's why it only makes sense if the benefit outweighs what you'll pay to make the switch. The right move depends on your situation: where rates stand now versus your current rate, how long you plan to stay in your home, and your financial goals. Some borrowers benefit immediately; others need to stay in the loan longer to break even. I can help you run the actual numbers for your specific scenario—no guesswork required. Reach out if you'd like to explore whether refinancing could work for you.
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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
Kevin Spain
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