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Mortgage Market Update
Russell Wakefield
Russell Wakefield
Friday, November 6, 2026
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Your mortgage type matters more than you think |
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Hi there — here's this week's note on something that shapes your whole loan.
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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 Programs
Not all mortgages work the same way
When you're shopping for a mortgage or thinking about refinancing, the interest rate gets most of the attention. But the type of loan you choose matters just as much. Fixed-rate mortgages, adjustable-rate options, and government-backed programs each have different rules, costs, and long-term effects on your payment. What makes sense for someone else might not fit your timeline or budget. The right program depends on how long you plan to stay in your home, how comfortable you are with change, and what you can afford today and down the road. I'd love to walk you through your actual options so you can make a choice that feels right. Let's talk about which loan program fits your goals.
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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 Russell Wakefield team any time and we'll walk you through your options. |
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