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Mortgage Market Update
My Mortgage Company
Colin Whitermore
Friday, November 6, 2026
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The money you're building without realizing it |
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Most homeowners know their home is worth something. But do you know how much of it you actually own? Let me explain.
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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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Home Equity
Your home builds wealth while you sleep
Every mortgage payment you make does two things: it covers interest and fees, but it also chips away at what you owe. That second part—the principal reduction—is equity. Over time, it adds up. Beyond your payments, your home may gain value just by sitting there. Together, these create real financial cushion you can tap into later, whether you need funds for a major repair, education, or to make a big life move. It's one of the quietest but most powerful wealth-builders most homeowners have. If you're curious whether you've built enough equity to make a move—or to explore other options—I'd love to take a look at your situation. Let's talk about what your equity means for 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
Colin Whitermore
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