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Mortgage Market Update
My Mortgage Company
Imagination Age Mortgage
Friday, November 6, 2026
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Your down payment doesn't have to be huge |
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Hi there. This week I want to tackle one of the biggest myths keeping people from buying homes.
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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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Loan Programs
Your down payment might be smaller than you think
A lot of people assume they need to save a huge chunk before buying. The truth is, several loan programs let you put down much less—sometimes as little as three percent or even fewer percentage points. The catch? You'll likely pay mortgage insurance until you build equity. But for many buyers, that's a fair trade-off to stop renting sooner and start building ownership. If you've been waiting on the sidelines thinking you're not ready yet, it might be worth a conversation about what's actually possible for your situation right now. Let's talk about what a down payment could look like 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 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
Imagination Age Mortgage
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