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Mortgage Market Update
My Mortgage Company
Jessica DeMott
Friday, November 6, 2026
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Does refinancing actually work for you? |
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Not every rate drop is an invitation to refinance. Here's how to know whether it makes financial sense for your home and your timeline.
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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 Reality
When refinancing makes sense (and when it doesn't)
Refinancing sounds appealing when rates move—but it's not always the right call. The real question isn't whether rates dropped; it's whether the costs to refinance are worth what you'd save. Some borrowers see meaningful value in a refi. Others find that closing costs, appraisal fees, and the time it takes mean they'd need to stay in the home quite a bit longer to break even. There's no one-size-fits-all answer, which is exactly why it's worth a conversation. I can walk you through your specific numbers and show you whether refinancing actually pencils out for your situation. Let's run the numbers together and see if refinancing makes sense 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
Jessica DeMott
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