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Mortgage Market Update
My Mortgage Company
Lock It Mortgage
Friday, November 6, 2026
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Does refinancing make sense for you right now? |
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Hi there. One of the questions I hear most often is whether someone should refinance their mortgage. The answer depends on your exact situation.
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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—even when rates drop. The real question is whether the savings justify the cost and time. A lower rate sounds good, but you'll want to consider how long you plan to stay in your home, what you'll pay in closing costs, and whether you're extending your loan term (which can cost you more interest over time, even at a better rate). Sometimes refinancing makes perfect sense. Other times, staying put is the smarter choice. The math is usually what decides it, not the marketing. I'm happy to walk through your specific situation and show you what the numbers actually look like—no pressure, just clarity. Reach out if you'd like to explore whether refinancing 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
Lock It Mortgage
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