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Mortgage Market Update
My Mortgage Company
Golden Summit Mortgage Group
Friday, November 6, 2026
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Does refinancing make sense right now? |
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One of the most common questions I get is whether it's time to refinance. The answer isn't always obvious, so I wanted to 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
A lot of people ask me, "Should I refinance?" The honest answer is: it depends on your situation, not just on rates moving. Refinancing makes sense when the benefit of a lower payment or shorter loan term outweighs the cost of closing the new loan. If you've built equity, improved your credit since you bought, or your financial picture has changed, it might be worth a conversation. But if you're planning to move in a few years, the math might not work in your favor. The best way to know is to run the numbers on your specific loan and timeline. Let's talk through whether refinancing could work for you—no obligation.
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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
Golden Summit Mortgage Group
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