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Mortgage Market Update
My Mortgage Company
Jackson Murphy
Friday, November 6, 2026
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Does it make sense to refinance right now? |
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Not every market move calls for a refinance. Here's how to know if one is worth your time.
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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 Timing
When refinancing actually makes sense
Refinancing isn't always the right move—even when rates drop. The key is understanding your break-even point: the time it takes for your monthly savings to offset the costs of refinancing. If you're planning to stay in your home long enough to recoup those costs, a refi can genuinely put money back in your pocket over time. But if you're thinking about moving or selling within a few years, it might not pencil out. The math is different for everyone, which is why it's worth a conversation tailored to your specific situation and timeline. Let's run the numbers on your home and see whether refinancing makes sense 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
Jackson Murphy
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