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Mortgage Market Update
Bruce Gruys
Bruce Gruys
Friday, November 6, 2026
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Does refinancing make sense for you? |
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Not every rate move means you should refinance. This week, let's look at how to know when it's worth exploring.
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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 refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates drop or your situation changes. The real question is whether the benefits outweigh your costs—and that math is different for everyone. Some people refinance to lower their monthly payment, others to shorten their loan term or tap home equity. But if you're staying in your home for only a few more years, or if closing costs eat up your savings quickly, refinancing might work against you. That's why it's worth running the numbers with someone who knows your full picture: your timeline, your goals, and what you're actually paying to make the change. Let's talk through whether refinancing fits your situation right now.
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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 Bruce Gruys team any time and we'll walk you through your options. |
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