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Mortgage Market Update
My Mortgage Company
Jim Scheu
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Most homeowners never revisit their loan once it closes—but circumstances change. This week I'm talking about when a refinance might actually be 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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Refinancing Basics
When does refinancing actually make sense?
A lot of homeowners ask me whether they should refinance, and the answer is never just about rates. Refinancing makes sense when the benefit outweighs the cost—and that math is different for everyone. 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 big project. A few are just in a better financial spot now than they were when they first borrowed. The key is knowing your own goal, not chasing what someone else is doing. If you've been curious about whether a refinance could work for you, I'd be happy to run the numbers and show you what it might look like. Let me know if you'd like to explore your refinance 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 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
Jim Scheu
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