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Mortgage Market Update
My Mortgage Company
James Young
Friday, November 6, 2026
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Your payment matters more than you think |
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Hi there. Every week I work with people trying to figure out what they can really afford. Let's talk about what actually moves the needle.
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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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Affordability Math
Why your payment matters more than the rate
When rates move, we talk about basis points and APRs. But what you really care about is your monthly payment and whether you can comfortably afford the home. Here's the thing: a lower rate helps, but your actual payment depends on the loan amount, the term, taxes, insurance, and more. Two people with the same rate can have very different monthly costs. That's why it's worth sitting down and talking through the full picture—not just the interest rate in isolation. I can show you how different loan amounts and terms affect what you'll pay each month, and help you find a structure that actually works for your budget. Let's run through your numbers together and find a payment plan that feels right.
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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
James Young
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