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Mortgage Market Update
My Mortgage Company
Samuel Karengi
Friday, November 6, 2026
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Does refinancing make sense for your home? |
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Not every rate move means you should refinance. Here's how to think about it.
This week I want to help you cut through the noise and focus on what actually matters to your situation.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
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?
I get asked this a lot: should I refinance? The answer depends on your situation, not on what rates are doing this week. Some people refinance to lower their monthly payment. Others refinance to shorten their loan term, build equity faster, or switch from an adjustable rate to a fixed one. Some refinance to tap into home equity for a large expense. The catch is that refinancing costs money upfront—appraisals, title work, and lender fees add up. So the real question isn't whether rates moved; it's whether the benefit you're after is worth that cost and how long you plan to stay in the home. Every borrower's math is different. If you're wondering whether it makes sense for you, I'd like to walk through your numbers. There's no obligation—just clarity. Let's talk through whether refinancing fits your goals right now.
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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
Samuel Karengi
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