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Mortgage Market Update
My Mortgage Company
Secured Lending Group
Friday, November 6, 2026
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Should you refinance? Here's how to know |
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Refinancing gets a lot of buzz, but it's not a one-size-fits-all move. This week, I'm breaking down how to decide if it's the right choice for you.
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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 does refinancing actually make sense?
A lot of homeowners ask me whether they should refinance, and the honest answer is: it depends on your situation. Refinancing can lower your monthly payment, shorten your loan term, or help you tap into home equity—but it's not right for everyone, and the timing matters. The key is understanding what you're trying to achieve. Are you looking to reduce your payment? Build equity faster? Access cash for a project? Each goal points to a different strategy, and each comes with trade-offs worth weighing. I'd love to walk through your numbers and help you figure out if refinancing could work for your goals. Let's talk about whether refinancing makes sense for you right now.
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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
Secured Lending Group
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