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Mortgage Market Update
Jake McDonald
Jake McDonald
Friday, November 6, 2026
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Does refinancing pencil out for you? |
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Hi there. I'm getting questions about when refinancing makes sense, so I wanted to share what actually matters in that decision.
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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
When does refinancing actually make sense?
Refinancing isn't always the right move—even when rates look attractive. The real question is whether the benefit you'd gain outweighs the closing costs and time involved. If you're planning to stay in your home long enough to recoup those upfront expenses through lower monthly payments, it could be worth exploring. But if you might move or sell in a few years, the math changes entirely. Your timeline, current loan terms, and how much your situation has improved since you first borrowed all play a role. There's no one-size-fits-all answer, which is why it's worth having a real conversation about your specific circumstances. If you're curious whether refinancing could work for you, I'd be happy to walk through the details.
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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 Jake McDonald team any time and we'll walk you through your options. |
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