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Mortgage Market Update
My Mortgage Company
Manila
Friday, November 6, 2026
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Refinancing might not be worth it for you |
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Refinancing can be a smart move, but it's not always the right one. Let me walk you through how to know the difference.
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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 Basics
When does refinancing actually make sense?
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the long-term benefit outweighs what you'll pay in closing costs and fees to make the switch. Some borrowers benefit in months; others need years to break even. It depends on your loan balance, how long you plan to stay in your home, and how much your payment or terms would actually improve. That's why a straightforward conversation about your specific situation matters more than chasing every rate dip. I'm here to run the actual numbers for you and help you decide if it makes sense. Let's talk through your refinance options—reach out anytime.
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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
Manila
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