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Mortgage Market Update
My Mortgage Company
Adam Felkey
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Not every rate move means you should refinance. Here's how to think about whether it's worth your time and money.
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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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Refinancing Strategy
When refinancing makes sense (and when it doesn't)
Refinancing sounds appealing — who doesn't want a lower payment? But it's not always the right move. The real question is whether your new loan terms will save you money over the time you plan to stay in your home. If rates drop significantly, refinancing can free up monthly cash. But if you're planning to sell or move in a few years, the closing costs might outweigh your savings. The best refinance decisions are made with a clear picture of your timeline and goals, not just the promise of a lower rate. Let's talk through whether refinancing fits your situation 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
Adam Felkey
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