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Mortgage Market Update
My Mortgage Company
Charles Skinner — Charles Skinner
Friday, November 6, 2026
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Do you know how much equity you have? |
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I work with homeowners all the time who've been in their homes for years but never actually checked their equity position. This week I want to walk through why it matters.
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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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Equity Check
How much of your home do you actually own?
If you've owned your home for a while, you've probably built up some equity—that's the difference between what your home is worth and what you still owe on your mortgage. But many homeowners don't know how much they have. That number matters, because it can unlock options: refinancing to better terms, borrowing against it for home improvements or other goals, or simply knowing you're building real wealth month to month. A quick conversation can help you figure out where you stand and what that equity might mean for your financial picture. Let's talk about your home's equity and what options might be available to you.
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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
Charles Skinner — Charles Skinner
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