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Mortgage Market Update
My Mortgage Company
Destany Poulette
Friday, November 6, 2026
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When refinancing works (and when it doesn't) |
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Refinancing gets a lot of buzz, but it's not a one-size-fits-all move. Here's how to think about it clearly.
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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 does refinancing actually make sense?
Refinancing isn't right for everyone, and the timing matters. It makes the most sense when your situation has changed—maybe rates have moved significantly, your credit has improved, you've built equity, or your financial goals have shifted. The key is weighing the costs of refinancing against what you'd actually save over the time you plan to stay in your home. Some people refinance to shorten their loan term, lower their monthly payment, or switch from a variable rate to a fixed one. Others use their equity to fund home improvements or consolidate debt. The math is different for each person, which is why it's worth having a real conversation about your specific circumstances rather than just chasing a rate number. Let's talk through whether a refinance 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
Destany Poulette
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