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Mortgage Market Update
My Mortgage Company
Nick Germano
Friday, November 6, 2026
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Does refinancing make sense for you? |
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Hi there. This week I want to address one of the most common questions I hear: whether now is the right time to refinance.
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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 Strategy
Should you refinance? Here's how to know.
Refinancing isn't always the right move, even when rates look appealing. The real question is whether the benefit you'd gain outweighs the cost of doing it. I talk to borrowers who assume refinancing always saves money—but it depends on your timeline, how long you plan to stay in the home, and what your current loan looks like. If you're thinking about making a move, paying off your mortgage sooner, or just want to see if a refinance makes sense for your situation, I can walk through the math with you. Sometimes it's a clear yes. Sometimes it's better to wait. And sometimes your current loan is already doing exactly what you need it to do. Let's talk through whether refinancing 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
Nick Germano
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