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Mortgage Market Update
My Mortgage Company
Kevin Spain
Friday, November 6, 2026
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Should you refinance right now? |
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One of the most common questions I hear is whether now's the time to refinance. Here's my honest take on when it actually pays off.
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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 Strategy
When does refinancing actually make sense?
Refinancing isn't always the right move, even when rates shift. The real question is whether the savings over time justify the costs and effort of applying again. I usually walk clients through a simple comparison: how much would you save per month, and how long until those savings cover the closing costs? Sometimes the answer is a few years; sometimes it's never. Your situation—how long you plan to stay, your current loan balance, and today's rates—all matter. There's no one-size-fits-all answer, which is why I'd rather give you straight talk than push you toward something that doesn't pencil out for your home. Let's run the numbers on your specific situation and see if it makes sense to explore refinancing.
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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
Kevin Spain
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