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Mortgage Market Update
My Mortgage Company
Dakota Howard
Friday, November 6, 2026
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Is refinancing worth it for your home? |
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Not every homeowner should refinance—and not every homeowner shouldn't. Here's how to tell the difference.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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
Why some homeowners refinance (and some shouldn't)
Refinancing isn't one-size-fits-all. Some people refinance to lower their monthly payment when rates drop. Others do it to shorten their loan term, build equity faster, or switch from an adjustable rate to a fixed one. But refinancing isn't free—there are costs involved, and it only makes sense if the benefit outweighs what you'll pay upfront. The right move depends entirely on your situation: how long you plan to stay in your home, what your current rate and term are, and what you're trying to accomplish. That's why it's worth having a real conversation about your specific goals before deciding. I'm here to help you figure out whether it makes sense for you. Let's talk about whether refinancing fits your plan.
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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
Dakota Howard
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