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Mortgage Market Update
Todd Sevier
Todd Sevier
Friday, November 6, 2026
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Does refinancing work for you right now? |
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One of the most common questions I hear is whether someone should refinance their mortgage. The answer isn't always straightforward—it depends on your timeline and your goals.
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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 Basics
When refinancing actually makes sense
A lot of homeowners wonder if they should refinance, but the answer depends on your specific situation—not just what rates are doing. The real question is whether the cost to refinance is worth the long-term benefit. If you're planning to stay in your home for several more years, refinancing might lower your payment or help you pay off your loan faster. But if you're thinking of selling or moving soon, the upfront costs may outweigh any savings. I'd be happy to run the numbers for your loan and show you whether refinancing could work in your favor right now. Let's talk about whether refinancing makes sense for your situation.
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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 Todd Sevier team any time and we'll walk you through your options. |
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