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Mortgage Market Update
My Mortgage Company
Solymar Gonzalez
Friday, November 6, 2026
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Does refinancing make sense for you? |
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Hi there. This week I want to clear up when refinancing actually pays off—and when it might not be the right move.
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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 for your situation
Refinancing isn't about chasing the lowest rate—it's about whether a new loan actually improves your financial picture. The math depends on how long you plan to stay in your home, what you'd pay in closing costs, and whether your credit or income has changed since you first borrowed. Some people refinance to shorten their loan term, others to tap equity for a major expense, and some simply to reduce their monthly payment. The key is running the numbers before you decide. I can walk you through what refinancing would look like for you and whether it makes sense right now. Let's talk about whether refinancing could work in your favor.
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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
Solymar Gonzalez
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