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Mortgage Market Update
My Mortgage Company
Pre-Fi
Friday, November 6, 2026
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Refinancing isn't just about lower rates |
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Hi there. I get asked about refinancing all the time, and I've noticed people often think it's only worth doing in certain conditions. Let me clear that up.
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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 Basics
When refinancing actually makes sense
A lot of people think refinancing is only worth it if rates drop significantly. The truth is more nuanced. Refinancing can make sense for reasons beyond chasing lower rates — maybe you want to shorten your loan term, switch from an adjustable to a fixed rate, or tap into your home's equity for a major expense. The key is running the real numbers: how long you plan to stay in the home, what the new payment would be, and what you'd pay in closing costs. Sometimes the break-even point is closer than you'd think. If you're wondering whether it's worth a conversation, I'd love to walk through your situation with you. Let's talk about whether refinancing could work for your goals.
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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
Pre-Fi
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