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Mortgage Market Update
Derek Niday
The Niday Lending Team
Friday, November 6, 2026
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When should you actually refinance? |
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Rates move, and when they do, refinancing gets a lot of attention. But the real answer to whether you should refinance is more nuanced than just looking at the numbers.
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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 have changed—it's whether a new loan actually improves your situation. That means looking at how long you plan to stay in your home, what your new payment and loan term would be, and whether the benefits outweigh the costs of refinancing. Sometimes keeping your current loan is the smartest choice. I help borrowers run these numbers honestly so they can make decisions based on their actual circumstances, not on what looks good on paper. If you've been wondering whether refinancing is worth exploring, I'd like to walk through the specifics with 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 Derek Niday team any time and we'll walk you through your options. |
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