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Mortgage Market Update
My Mortgage Company
Michelle Knight
Friday, November 6, 2026
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Should you refinance right now? |
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I talk to a lot of people who assume refinancing is always smart when rates move. It's not always that simple.
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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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Refinance Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates are lower—it's whether the math works for your situation. You'll want to think about how long you plan to stay in your home, what your current loan terms are, and what refinancing would actually cost you upfront. Sometimes the savings take years to show up; sometimes they never do. If you've built equity, your credit has improved, or your financial picture has changed since you got your original mortgage, a refinance might be worth exploring. But it's worth running the numbers first—not just assuming every rate move is an opportunity. Let's talk through whether it makes sense 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
Michelle Knight
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