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Mortgage Market Update
My Mortgage Company
Paul Schmitt Mortgage Broker
Friday, November 6, 2026
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Does refinancing make sense right now? |
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One of the most common questions I hear is whether someone should refinance their mortgage. Here's what I always tell people: it depends.
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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 Decision
When refinancing makes sense (and when it doesn't)
A lot of people think about refinancing when rates drop, but the real question isn't just about rates—it's whether a new loan actually saves you money over time. You have to weigh the closing costs against how long you plan to stay in your home. If you're thinking about moving in a few years, refinancing might not pencil out. But if you're staying put and your situation has changed—maybe your credit improved, or you want to shorten your loan term—it could be worth a closer look. The math is usually pretty straightforward once we run the numbers together. Let's talk through whether refinancing makes sense for your 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 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
Paul Schmitt Mortgage Broker
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