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Mortgage Market Update
Fawn Crosby
Fawn Crosby
Friday, November 6, 2026
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There's more than one reason to refinance |
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Some weeks I hear from borrowers who think refinancing only makes sense when rates drop. That's only half the story.
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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
Refinancing isn't just about rates
When rates drop, refinancing gets all the attention—but it's not the only reason to consider it. Some borrowers refinance to shorten their loan term, which builds equity faster. Others pull cash out to fund home repairs or consolidate debt. And some simply want to switch from an adjustable rate to a fixed one, for the peace of mind of a payment that never changes. The math is different for each situation, which is why it's worth a conversation. If you've owned your home for a few years, you might have built equity you didn't realize—or circumstances may have changed in a way that makes a refinance make sense. I'd be happy to walk through what your options actually look like. Let's talk through whether a refinance could work 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 Fawn Crosby team any time and we'll walk you through your options. |
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