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Mortgage Market Update
Scott Smith
Scott Smith
Friday, November 6, 2026
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Your mortgage payment might be about to change |
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A lot of homeowners don't realize their payment could shift until they see it happen. Let's make sure you're ready.
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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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Payment Planning
When your mortgage payment jumps (and what to do)
If you're on an adjustable-rate loan or coming to the end of a fixed-rate period, you already know this: payments don't always stay the same. Rate adjustments, escrow changes, or the end of an initial fixed term can all shift what you owe each month. The good news is that a jump doesn't have to catch you off guard. Understanding what's coming, reviewing your options early, and building a small buffer into your budget makes a real difference. Whether you're thinking about refinancing to lock in stability or just want to plan ahead, now's the time to look at the numbers with clear eyes. Let's talk about what's ahead for your mortgage and find a plan that works 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 Scott Smith team any time and we'll walk you through your options. |
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