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Mortgage Market Update
My Mortgage Company
Sean Rigsby
Friday, November 6, 2026
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Should you refinance? Here's how to tell. |
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Sometimes the best money move is one you haven't considered yet. This week, I want to talk about refinancing and how to know if it's worth a closer look.
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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
Why your old rate might not matter anymore
If you locked in a mortgage rate a few years ago, you probably remember what it was. But here's the thing: whether that rate was great at the time doesn't tell you much about whether refinancing makes sense today. What matters now is comparing your current rate to where rates are priced right now, and weighing that against your actual costs to refinance. Some people assume refinancing is only worth it in a dramatic rate drop. The truth is more flexible. Even a modest difference can add up over time, especially if you're staying in your home. The real question isn't whether your old rate was good—it's whether your current situation has changed enough to make a move worth exploring. That's where I come in. Let's look at your specific numbers together and see if there's an opportunity. Give me a call or send a note—I'm happy to walk through whether refinancing is worth your time.
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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
Sean Rigsby
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