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Mortgage Market Update
My Mortgage Company
Lonnie Knob
Friday, November 6, 2026
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Does your mortgage still fit your budget? |
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Hi there. I wanted to check in on something I hear about a lot this time of year: whether the home you own still makes sense for where you are financially.
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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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Affordability Check
When your budget stops matching your home
Life happens fast. A job change, new family member, or shift in expenses can suddenly make your current housing situation feel tight—even if nothing changed with your actual mortgage. I see this often: people realize they're stretched thinner than they want to be, or they've freed up room in their budget they didn't know existed. The good news is you have more options than you think. Depending on your situation, you might refinance to better terms, tap into home equity you've built, or simply adjust how you're managing the payments you already have. The first step is honest: understand where you actually stand right now. That's something I can help you do. Let's talk about whether your home still fits your life.
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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
Lonnie Knob
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