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Mortgage Market Update
Damara Cohn
Damara Cohn
Friday, November 6, 2026
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Does refinancing make sense for you? |
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You've probably heard that refinancing can lower your monthly payment or shorten your loan term. But the real story is more nuanced than that.
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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 actually makes sense
Refinancing isn't always the right move, even when rates shift. The real question is whether a new loan saves you money over the time you plan to stay in your home. You'll want to weigh what you'd pay in closing costs against the monthly savings—and account for how long you'd need to break even. Sometimes a small rate improvement doesn't move the needle. Other times, refinancing clears high-interest debt or taps into home equity you've built. The math is different for everyone, which is exactly why it's worth a conversation before you decide. Let's talk through the numbers for your specific 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 Damara Cohn team any time and we'll walk you through your options. |
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