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Mortgage Market Update
Ronald Carias
Ronald Carias
Friday, November 6, 2026
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Should you refinance right now? |
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Hi there. This week I want to tackle a question I hear often: when is refinancing actually worth it?
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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 drop or your situation changes. The key is understanding what you're actually trying to accomplish. Some people refinance to lower their monthly payment. Others want to shorten their loan term, pay off debt faster, or tap into home equity for a major expense. Each goal requires a different strategy, and each comes with costs to weigh against your benefit. The math only works if you plan to stay in your home long enough to recoup those costs through savings or other gains. If you're wondering whether now is the right time for you, I'd love to walk through your specific numbers and goals. Let's talk through 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 Ronald Carias team any time and we'll walk you through your options. |
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