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Mortgage Market Update
Joe Edwards
Joe Edwards
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Every homeowner's situation is different, and what made sense a year ago might be worth reconsidering today. I'm sharing what actually goes into the refinancing decision so you can feel confident about your next move.
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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 it might make sense to refinance
Refinancing means taking out a new loan to pay off your existing mortgage. People do this for different reasons: to lower their monthly payment if rates have moved in their favor, to shorten their loan term and build equity faster, to switch from an adjustable rate to a fixed one, or to tap into home equity for a big expense. The catch is that refinancing involves costs and takes time, so it only makes sense if the benefit outweighs what you'll pay upfront. I help clients figure out whether refinancing actually pencils out for their situation, and if it does, we make sure the numbers work before moving forward. If you're wondering whether refinancing could work for you, let's talk through your options.
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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 Joe Edwards team any time and we'll walk you through your options. |
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