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Mortgage Market Update
My Mortgage Company
Andrew Weinberg
Friday, November 6, 2026
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Should you refinance? Here's how to tell |
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Hi there. This week I want to walk through one of the questions I hear most often from my clients.
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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 Strategy
When it makes sense to refinance your mortgage
Refinancing isn't just about chasing lower rates—it can be a smart move for several reasons. Maybe you've built equity and want to cash some out for home repairs or debt payoff. Maybe your credit has improved since you bought, and you qualify for better terms now. Or maybe you're looking to shorten your loan term to pay off your home faster. The key is understanding your own situation: what would the new loan cost, how long do you plan to stay in the home, and does the math actually work in your favor? It's worth a conversation, especially if circumstances have changed since you first got your mortgage. Let's talk through whether refinancing could 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
Andrew Weinberg
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