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Mortgage Market Update
My Mortgage Company
Ken Grossnickle
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Refinancing comes up a lot in conversations with clients, but it's rarely a one-size-fits-all move. Here's what actually matters when you're deciding.
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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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Refinance Timing
When refinancing makes sense for your loan
A lot of people think about refinancing only when rates drop significantly, but the real story is more nuanced. Refinancing can make sense for reasons beyond chasing lower rates—maybe you want to shorten your loan term, lock in a fixed rate if you're on an ARM, or tap into your home's equity for something important. The key is weighing what you'd pay in closing costs against what you'd actually save over the time you plan to stay in your home. Sometimes the math works out quickly; sometimes it takes years. That's why it's worth running the numbers with someone who knows your situation, not just looking at rates in isolation. Let's talk through whether a refi makes sense for you right now.
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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
Ken Grossnickle
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