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Mortgage Market Update
My Mortgage Company
Christopher Edwards
Friday, November 6, 2026
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Should you refinance your mortgage? |
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A lower rate sounds great in theory. But it's not always the right financial move for everyone.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
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
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the monthly savings justify the closing costs and the time it takes to recoup them. Some people break even in a few months; others never do, depending on how long they plan to stay in their home. The key is running the actual numbers for your situation, not just eyeballing the rate card. If you're thinking about refinancing—whether to lower your payment, shorten your loan term, or cash out equity—I can walk through the math with you and help you decide if it's worth it. If you'd like to explore whether refinancing makes sense for you, let's talk.
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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
Christopher Edwards
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