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Mortgage Market Update
My Mortgage Company
Ryan Musgrove
Friday, November 6, 2026
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The two numbers that shape your mortgage |
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Hi there. This week I want to circle back to something fundamental—the choices that actually move the needle on your loan.
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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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Mortgage Basics
Why your rate and term matter more than you think
When you're shopping for a mortgage or thinking about refinancing, two numbers get all the attention: your interest rate and your loan term. They're connected in ways that might surprise you. A lower rate doesn't automatically mean a lower payment if you're extending your loan timeline, and a shorter term builds equity faster but costs more each month. Understanding how these two work together helps you make a choice that fits your actual life, not just what looks good on paper. If you're curious about what different combinations might look like for your situation, I'm here to walk through the tradeoffs with you. Let's talk about what rate and term combination makes the most sense 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 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
Ryan Musgrove
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