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Mortgage Market Update
My Mortgage Company
Peter Alongi
Friday, November 6, 2026
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Should you refinance right now? (It's not always yes) |
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Some weeks the smart move is to act. Other weeks, it's to hold steady. This week we're talking about knowing the difference when it comes to refinancing.
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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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Refinancing Strategy
When does refinancing actually make sense?
A lot of homeowners hear "rates dropped" and wonder if they should refinance. But here's the thing: refinancing isn't always the right move, even when rates improve. It depends on how long you plan to stay in your home, what your current rate is, and whether the savings justify the cost of refinancing. Sometimes keeping your loan as-is makes more financial sense. The key is running the actual numbers for your situation—not just chasing a rate change. I can walk you through whether refinancing pencils out for you, or if you're better off staying put right now. Let's look at your numbers and see what 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 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
Peter Alongi
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