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Mortgage Market Update
My Mortgage Company
Erika Ortiz
Friday, November 6, 2026
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Does refinancing make sense for you right now? |
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Mortgage decisions don't always have obvious answers. This week, I want to help you think clearly about one of the biggest ones: whether to refinance.
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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—taking out a new loan to pay off your existing mortgage—can be a smart move, but it's not right for everyone or every moment. The main reasons people refinance are to lower their rate, change their loan term, tap into home equity, or switch loan types. Before you move forward, it's worth asking: How long do you plan to stay in the home? What would the new monthly payment actually be? Are there closing costs, and would you recoup them over time? Sometimes refinancing saves real money. Sometimes the math doesn't work. I'm here to walk through the specifics of your situation—no pressure, just clarity. If you're wondering whether refinancing could work for you, let's talk through the numbers.
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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
Erika Ortiz
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