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Mortgage Market Update
My Mortgage Company
Ares Mortgage
Friday, November 6, 2026
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Is refinancing worth it for you right now? |
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Most homeowners think about refinancing only once in a while—usually when they hear rates have dropped. But there's more to the story than rate moves alone.
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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 Readiness
When does it make sense to refinance?
A lot of people think refinancing only makes sense if rates drop dramatically. But there are actually several reasons to consider it beyond just chasing a lower rate. Maybe your credit has improved since you first borrowed, or you want to shorten your loan term, or you're looking to tap into home equity for a major expense. Some people refinance to switch from an adjustable rate to a fixed one for peace of mind. The key is understanding what you're trying to accomplish and whether the math works for your situation. If you've been wondering whether a refinance might be right for you, I'd love to walk through the numbers together. Let's talk about whether refinancing makes sense for your home and finances.
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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
Ares Mortgage
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