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Friday, November 6, 2026 |
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Mortgage Market Update
Does your loan term match your life?
Hi there. This week I want to walk you through one of the biggest decisions in a mortgage—and one that often gets overlooked.
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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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Loan Terms
Why your loan length matters more than you think
When you're shopping for a mortgage, the interest rate grabs all the attention—but the term you choose (typically 15, 20, or 30 years) shapes your finances just as much. A shorter term means higher monthly payments but you'll own your home sooner and pay far less interest over time. A longer term spreads payments out, which can free up cash for other goals, but you're committed longer. There's no universal right answer; it depends on your income stability, other debts, and what matters most to you right now. The good news is we can run the numbers on different scenarios so you see exactly what each path looks like. Understanding this choice upfront keeps you from regret later.
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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 Joseph Kelley team any time and we'll walk you through your options.
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3900 Lennane Dr Ste 200, Sacramento, CA 95834
916-612-4294
NMLS# 1705850 · Company NMLS# 02052578
"Joe the Mortgage Giant" · Unsubscribe
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