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Mortgage Market Update
My Mortgage Company
Elle Zimmerman
Friday, November 6, 2026
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Should you refinance right now? |
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Hi there. A lot of folks ask me whether they should refinance—and the honest answer isn't always yes.
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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 Reality
When refinancing actually makes sense
Refinancing isn't always the right move, even when rates shift. The real question is whether the cost to refinance—closing costs, appraisal, title work—will be recouped by your monthly savings before you sell or move. If you're planning to stay put for several years, refinancing might pencil out. But if your timeline is shorter, or if you're only saving a small amount per month, you might be better off keeping your current loan. The math matters more than the rate alone. If you've been wondering whether now is the time to refinance, I'd be happy to run the actual numbers with you and show you what it would really cost and save. Let's talk through whether refinancing makes sense for your situation.
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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
Elle Zimmerman
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