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Mortgage Market Update
My Mortgage Company
Shelby Byington
Friday, November 6, 2026
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When does refinancing actually pay off? |
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A lot of people assume refinancing is only worth it if rates drop. That's not quite how it works. Let me explain what really matters when you're deciding whether to refinance.
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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 does it make sense to refinance?
Refinancing isn't just about chasing lower rates. Sometimes the real benefit is shortening your loan term, switching from adjustable to fixed, or tapping your home's equity for a major project or expense. The math depends on your personal situation—how long you plan to stay in your home, what your current terms are, and what you're trying to accomplish. Some people refinance and lower their payment; others accept a slightly higher payment to pay off the loan years sooner. The point is figuring out what actually moves the needle for your life right now. If you've been thinking about it, I'd love to run through the numbers with you and see if it could work. 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 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
Shelby Byington
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