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Mortgage Market Update
My Mortgage Company
Joe Gallo
Friday, November 6, 2026
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Does your payoff progress open new doors? |
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As a homeowner, your equity grows every month—and that growth can create opportunities you might not realize. This week I want to walk you through one often-overlooked refinancing trigger.
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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 Strategy
When your loan balance drops below a key threshold
As you pay down your mortgage, you reach milestones that can unlock new opportunities. One that often goes unnoticed: when your loan-to-value ratio improves enough, you may qualify for better terms or programs that weren't available before. This can happen whether rates have moved or not. It's worth a conversation if you've been paying steadily for a few years or made a substantial extra payment. Even small improvements in your position can matter, and sometimes the move makes sense even when the numbers seem tight. I'd be happy to take a look at where you stand and what options might be within reach. Reach out and we can review whether a refinance 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
Joe Gallo
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