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Mortgage Market Update
Erik Olson
Erik Olson
Friday, November 6, 2026
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When rates move, so do your options |
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A lot can shift when interest rates change. Let me explain what that means for you.
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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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Rate Environment
When rates drop, your options change
If you've been watching rates lately, you know they move—sometimes weekly. When rates shift down, it doesn't just affect new borrowers. If you're a homeowner with an existing mortgage, a rate drop can open doors you didn't have before. You might suddenly qualify for programs you couldn't access at higher rates, or refinancing could make real financial sense where it didn't a month ago. Even if refinancing isn't right for you, understanding how rate movement affects your position helps you stay ahead. The key is knowing what's possible in today's environment versus yesterday's. I'm happy to walk you through what a rate change means for your specific 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 Erik Olson team any time and we'll walk you through your options. |
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