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Mortgage Market Update
James Brian McFarlane
James Brian McFarlane
Friday, November 6, 2026
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What happens if you pay a little extra each month? |
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Hi there. I'm sharing something this week that works whether rates are high or low: a straightforward strategy that puts you in the driver's seat of your mortgage.
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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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Prepayment Power
Small extra payments can cut years off your mortgage
One of the simplest ways to build wealth faster is something you can start doing right now: putting a little extra toward your principal each month. Even modest additional payments—whether it's an extra $50 or $200—compound over time and can shorten your loan by years. This means you'll own your home outright sooner and pay significantly less interest overall. The best part is there's no refinancing, no fees, and no paperwork required. It's entirely within your control. If you're curious about what a realistic payment plan might look like for your situation, I'd love to walk through the numbers with you. Reach out and let's talk about how prepayment could work for 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 James Brian McFarlane team any time and we'll walk you through your options. |
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