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Mortgage Market Update
Thomas Abbate
Thomas Abbate
Friday, November 6, 2026
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Does refinancing actually pay off for you? |
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Not every rate move requires action. This week, let's look at when refinancing is worth considering and when it might be better to sit tight.
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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 Reality
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The math depends on how long you plan to stay in your home, what your current loan costs, and the expenses involved in refinancing. Sometimes you break even in a few years and start saving. Other times, the costs outweigh the benefit. A lot of people assume they should refinance whenever rates dip, but that's worth testing against your specific situation. If you've been thinking about it, I'm happy to run the actual numbers with you—no pressure, just clarity on whether it pencils out. Let's talk through whether refinancing makes sense for your home and timeline.
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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 Thomas Abbate team any time and we'll walk you through your options. |
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