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Mortgage Market Update
My Mortgage Company
Sean G Lusk — Sean G Lusk
Friday, November 6, 2026
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Where your mortgage payment actually goes |
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Hi there,
I often hear from homeowners who wonder if their payments are really making a dent in what they owe. Let me explain what's actually happening each month.
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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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Equity Building
How your monthly payments are working for you
Every mortgage payment you make does two things: some goes toward interest, and some builds equity in your home. Early on, that split leans heavily toward interest, which can feel discouraging. But as time passes, more of each payment chips away at your principal—meaning you're building real ownership stake in your property. Understanding this rhythm helps you see the bigger picture of homeownership. If you're curious about where you stand with your current loan, or wondering how different mortgage terms might change your equity timeline, I'd be glad to walk through it with you. Let me show you how your equity is growing—reach out anytime.
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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
Sean G Lusk — Sean G Lusk
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