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Mortgage Market Update
Ryan Leahy
Ryan Leahy
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Refinancing comes up a lot when rates move, but not every homeowner should do it. Here's how to figure out if it makes sense 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 refinancing makes sense (and when it doesn't)
Refinancing sounds simple—replace your loan with a new one at a better rate. But the real question is whether it pencils out for your specific situation. A lower rate is nice, but you'll pay closing costs to get it, and that takes time to recoup. Some people break even in a few years; others might stay in the home long enough to make it worthwhile. Others find the math just doesn't work. The best way to know is to sit down with real numbers: your current loan balance, how long you plan to stay, and what new terms would cost. That's where I come in. I can walk through the math with you and tell you honestly whether it's a smart move or not. Let's run the numbers on your specific loan and see if 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 Ryan Leahy team any time and we'll walk you through your options. |
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