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Mortgage Market Update
My Mortgage Company
Power Lending
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Hi there. I spend a lot of time helping homeowners understand whether refinancing is worth their while.
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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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Refinancing Basics
When refinancing actually makes sense
Refinancing isn't always the right move—even when rates drop or your home gains value. The real question is whether the benefit of a lower payment, shorter timeline, or better loan terms outweighs the cost and effort of starting a new loan. Some borrowers benefit immediately; others need to stay put longer to break even. It depends on your situation: how long you plan to stay in the home, what you owe versus what it's worth, and your current loan terms. If you've been thinking about it, a straightforward conversation can help you figure out whether it makes financial sense for you right now—or if waiting makes more sense instead. If you'd like to explore whether refinancing could work for you, let's talk.
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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
Power Lending
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