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Mortgage Market Update
My Mortgage Company
Edge Home Finance, LLC
Friday, November 6, 2026
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Does refinancing make sense right now? |
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One of the most common questions I hear is whether someone should refinance their mortgage. The honest answer depends on your goals and timeline.
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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 refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift or your situation changes. The main reason people refinance is to lower their monthly payment or shorten their loan term — but there are costs involved, and it takes time to recoup them. That's why timing and math both matter. If you've built equity, improved your credit, or rates have moved meaningfully, refinancing could work in your favor. But if you're planning to sell or move soon, or you'd restart a 30-year clock on a nearly-paid loan, it might not pencil out. I'm happy to walk through your specific numbers and help you figure out whether a refinance is worth your effort. If you're curious whether refinancing could benefit you, let's talk through it together.
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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
Edge Home Finance, LLC
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