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Mortgage Market Update
My Mortgage Company
Eric Smith
Friday, November 6, 2026
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Does refinancing make sense for you right now? |
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Sometimes the smartest financial move is staying where you are. Here's how to know the difference.
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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 Math
When does refinancing actually make sense?
Refinancing isn't about chasing the lowest rate—it's about whether the move pencils out for your situation. Your current loan, how long you plan to stay in your home, closing costs, and your new rate all factor in. Sometimes refinancing saves you real money over time. Other times, you're better off staying put. The honest answer depends on the details of your loan, not just what rates are doing this week. I'd rather help you think through the actual numbers than encourage a move that doesn't serve you. If you've been wondering whether a refinance makes sense, let's talk through it together. Reach out if you'd like to run the numbers on your specific loan.
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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
Eric Smith
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