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Mortgage Market Update
My Mortgage Company
Jon Woodard
Friday, November 6, 2026
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Should you be thinking about refinancing? |
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With rates and your home's value always shifting, refinancing becomes relevant at different times for different homeowners. Here's what you need to know.
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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
Should you refinance? Here's what to consider.
Refinancing isn't a one-size-fits-all move, and I want to help you think it through clearly. The main reason people refinance is to lower their monthly payment or shorten their loan term—but there are costs involved, and it only makes sense if the math works for your situation. Other borrowers refinance to tap home equity for a large expense, or to switch from an adjustable rate to a fixed one. The key is comparing what you'd save against the cost of refinancing, and how long you plan to stay in your home. If you've been curious whether it's worth exploring, I'm happy to walk through the numbers with you and show you what options might look like. 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
Jon Woodard
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