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Mortgage Market Update
My Mortgage Company
Joshua Morales
Friday, November 6, 2026
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Does refinancing make sense for you? |
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Not every homeowner should refinance, and not every rate drop is worth acting on. Here's how to tell the difference.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
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 Basics
When refinancing makes sense (and when it doesn't)
Refinancing isn't a one-size-fits-all move. Some borrowers benefit from lower rates or shorter loan terms; others are better off staying put. The real question: will the savings outlast the costs of refinancing? If you've built equity, your credit has improved, or rates have shifted meaningfully, it might be worth a conversation. But if you're planning to move soon or your current loan is already several years old, refinancing could work against you. The best way to know is to run the numbers on your specific situation—not a guess, but actual math based on your home, loan, and timeline. If you're curious whether refinancing could work for you, I'm happy to walk through it.
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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
Joshua Morales
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