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Mortgage Market Update
Laetitia Mortenson
Laetitia Mortenson
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Hi there. This week I'm thinking about refinancing—not as a one-size-fits-all solution, but as a tool that works for different reasons depending on where you are.
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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 makes sense
A lot of people think refinancing only matters if rates drop significantly. But there are actually several reasons to refinance beyond chasing a lower rate. You might refinance to shorten your loan term, switch from an adjustable to a fixed rate, tap into your home's equity for a big expense, or simply consolidate debt into one payment. The key is running the numbers: what you'd pay in closing costs versus what you'd save over time. Sometimes the math works out great; sometimes it doesn't. That's why it's worth a conversation before you decide. Let's talk through whether refinancing could work 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 Laetitia Mortenson team any time and we'll walk you through your options. |
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