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Mortgage Market Update
My Mortgage Company
Jessica Diego
Friday, November 6, 2026
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Should you refinance right now? |
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One of the most common questions I hear is whether it's time to refinance. The answer depends on your specific circumstances—let me walk you through how to think about it.
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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 Reality
When refinancing actually makes sense
I talk to a lot of homeowners who wonder if they should refinance, and the answer isn't always yes—even when rates move favorably. Refinancing makes the most sense when you plan to stay in your home long enough to recoup the costs involved in closing a new loan. It's also worth considering if you're carrying a higher interest rate than current market conditions support, or if you want to change your loan term to pay off your home faster. The math is personal, though. Your timeline, your current rate, how much equity you have, and your financial goals all matter. That's why I always recommend running the numbers before you commit. There's no one-size-fits-all answer, but there's definitely a right answer for you. Let's talk through whether refinancing 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
Jessica Diego
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