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Mortgage Market Update
My Mortgage Company
Sandra Ellington
Friday, November 6, 2026
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Shorter or longer: which loan term fits you? |
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One of the biggest decisions in getting a mortgage isn't about interest rates at all. It's about choosing a loan term that aligns with your real financial picture.
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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 Basics
Why your loan term matters more than you think
When you're looking at mortgage options, it's easy to focus on interest rates—but the length of your loan is just as important to your finances. A shorter loan term means you build equity faster and pay less interest over time, but your monthly payment will be higher. A longer term keeps your payment lower each month, which can help with cash flow and flexibility. There's no universally "right" answer; it depends on your budget, how long you plan to stay in the home, and your overall financial goals. Understanding this trade-off helps you make a choice that actually fits your life, not just your rate. Let's talk through which term makes sense for your situation.
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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
Sandra Ellington
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