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Mortgage Market Update
My Mortgage Company
Josh Lyon
Friday, November 6, 2026
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Why refinancing isn't always about rates |
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Not every refinance is chasing a lower interest rate. Sometimes the real benefit is something else entirely.
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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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Refinance Reality
Refinancing isn't just about rate drops
A lot of people think refinancing only makes sense when rates fall sharply. The truth is more nuanced. Refinancing can help you shorten your loan term, switch from an adjustable to a fixed rate, tap equity for a major expense, or consolidate debt—sometimes even when rates haven't moved much. Each situation is different, and the math depends on your goals, how long you plan to stay in your home, and your current loan terms. If you've been thinking about refinancing but weren't sure it would pencil out, it might be worth a fresh conversation. I'm happy to run the numbers and show you what's actually possible for your situation. Let me know if you'd like to explore whether refinancing makes sense for you right now.
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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
Josh Lyon
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