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Mortgage Market Update
My Mortgage Company
Chris McGahan
Friday, November 6, 2026
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Refinancing is about more than the rate |
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Hi there,
I wanted to share something I see borrowers overlook pretty often when they're thinking about refinancing.
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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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Refinance Reality
Refinancing isn't just about rates
When people think about refinancing, they often focus on one thing: will my interest rate go down? But that's only part of the picture. A refinance can also change your loan term, let you tap into home equity, switch from an adjustable to a fixed rate, or remove mortgage insurance if you've built enough equity. Sometimes the rate stays similar but the overall move still makes financial sense for your situation. The key is looking at the whole plan, not just chasing a lower number on paper. If you've been wondering whether refinancing makes sense for you, I'd love to walk through what's actually possible with your home and finances right now. Let's talk about whether a refinance might work 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
Chris McGahan
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