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Mortgage Market Update
My Mortgage Company
Kelly Rankin — Kelly Rankin
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Hi there,
Refinancing can be a smart money move—or a waste of time and fees. Here's how to tell which one it is for you.
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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 refinancing actually make sense?
Refinancing isn't always the right move—but sometimes it's worth a hard look. The math depends on how long you plan to stay in your home, what your current loan terms are, and where rates sit relative to your existing mortgage. Some people refinance to lower their monthly payment. Others use it to tap home equity for a major expense, or to shorten their loan term and build equity faster. The key is running the numbers on your specific situation, not just chasing headlines about rates moving. That's where I come in. I can walk you through whether refinancing makes financial sense for you, what the actual costs and savings might look like, and whether your timeline and goals line up with the move. If you've been wondering whether now is the time, let's talk through your options—no pressure, just honest numbers.
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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
Kelly Rankin — Kelly Rankin
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