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Mortgage Market Update
Collin Johnson
Collin Johnson
Friday, November 6, 2026
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Should you refinance? Here's how to know. |
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Not every homeowner should refinance, and that's okay. Let me break down when it actually works in your favor.
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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 isn't right for everyone, and it's not right for every situation. The core question is simple: will the benefit outweigh the cost and effort? If rates drop significantly, you might lower your monthly payment or shorten your loan term. If you have built equity, you might tap it for a major expense without taking on high-interest debt. But refinancing takes time and involves closing costs, so the math has to work in your favor. A refinance that saves you a small amount over two years probably isn't worth it if you plan to stay longer—but one that saves substantially over five or ten years might be. I'm happy to run the numbers with you and show you exactly what a refinance would look like for your specific situation. There's no obligation; it's just information to help you decide. 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 Collin Johnson team any time and we'll walk you through your options. |
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