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Mortgage Market Update
My Mortgage Company
Patrick's Business
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Not all refinances are created equal. Let's look at what actually matters when deciding whether to make a move.
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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
When does it make sense to refinance your loan?
Refinancing isn't a one-size-fits-all decision, and it's not just about chasing lower rates. The real question is whether the monthly savings (or other benefit you're after) justify the cost and time involved in refinancing. Maybe you want to shorten your loan term, switch from an adjustable to a fixed rate for peace of mind, tap into your home's equity, or change your loan type. Each scenario has different math behind it. The best move depends on your goals right now, how long you plan to stay in your home, and what's actually available to you. I'm happy to walk through the numbers and help you see whether refinancing makes sense for your situation. Reach out and let's talk through whether refinancing could work for you.
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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
Patrick's Business
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