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Mortgage Market Update
My Mortgage Company
Michael Hulse
Friday, November 6, 2026
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Should you refinance right now? |
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A lot of homeowners reach out when rates move, wondering if it's time to refinance. The honest answer is: sometimes, but not always.
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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 makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The real question isn't whether rates have moved—it's whether the change is big enough to justify the cost and time involved in a new loan. Some borrowers break even in a few years; others never do. The math depends on your current loan, how long you plan to stay in your home, and what you're trying to accomplish (lower payment, faster payoff, different loan type). I can walk you through whether refinancing pencils out for your specific situation. There's no one-size-fits-all answer, which is exactly why it's worth a conversation before you decide. Let's look at your numbers and see if a refi makes sense for you.
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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
Michael Hulse
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