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Mortgage Market Update
My Mortgage Company
Sandra Elliott
Friday, November 6, 2026
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Does refinancing make sense for you? |
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Hi there—I wanted to share something that comes up a lot in conversations with homeowners like you. The decision to refinance is less about the numbers alone and more about your big-picture plans.
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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 Strategy
When does refinancing actually make sense?
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates have dropped—it's whether the long-term benefit outweighs your costs and your timeline. If you're planning to stay in your home for several more years, refinancing might strengthen your financial position. But if you're thinking about selling or moving within a few years, the math often doesn't work in your favor. The best time to explore this is when you have clarity on your plans and when you're curious enough to run the numbers with someone who knows your situation. I'd be happy to help you think through whether it makes sense for you right now. Let's talk through your specific situation and see if a refinance could work for you.
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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
Sandra Elliott
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