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Mortgage Market Update
My Mortgage Company
Kimberly Kemppainen
Friday, November 6, 2026
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Does it make sense to refinance right now? |
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Sometimes the smartest money move isn't obvious until you look closer. This week I'm sharing when a refinance might be worth your time—and when it isn't.
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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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Refinance Strategy
When staying put costs more than moving
A lot of people think about refinancing only when rates drop, but there's another reason to look: your situation has changed. Maybe you've paid down your loan balance, built significant equity, or your credit has improved since you first borrowed. Any of these can open up better terms—lower rates, shorter loan length, or different programs you didn't qualify for before. Even if rates haven't moved, refinancing can sometimes reduce what you pay over the life of your loan. The catch is that refinancing does have costs, so it only makes sense if the math works in your favor. That's where a fresh look at your current loan helps. I'm happy to run the numbers and show you whether a refinance could genuinely benefit you, or whether your best move is to hold steady. Let's look at whether refinancing makes sense for your situation.
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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
Kimberly Kemppainen
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