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Mortgage Market Update
Allie Stevens
Allie Stevens
Friday, November 6, 2026
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When does refinancing actually make sense? |
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Hi there,
One of the most common questions I hear is whether now is the right time to refinance. Let me break down how to think about it.
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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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Refinance Readiness
Should you refinance? Here's how to tell.
A lot of homeowners ask me, "Is now the right time?" The truth is, it depends on your situation, not just the rate environment. Refinancing makes sense when the benefits—lower payments, shorter loan term, or switching loan types—outweigh the costs of getting a new loan. Some people break even in a few months; others take years. The key is running the math on your specific numbers: how long you plan to stay, what you owe, and what today's rates and terms would mean for your payment. It's worth having that conversation, especially if your circumstances have changed since you bought or last refinanced. Let's talk through whether refinancing fits your goals right now.
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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 Allie Stevens team any time and we'll walk you through your options. |
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