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Mortgage Market Update
My Mortgage Company
Len Padilla
Friday, November 6, 2026
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What's your home actually worth right now? |
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Each week I share something I'm seeing in conversations with clients—real questions that come up, and what's worth thinking about.
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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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Equity Awareness
You might have more equity than you realize
If you've owned your home for a few years, you've likely built equity—either through monthly payments that chip away at your loan balance, or through your home's value going up, or both. That equity can be a powerful financial tool. Some people use it to refinance into better loan terms. Others tap it for home improvements, education, or major expenses through a home equity line or loan. The first step is understanding how much you actually have. If it's been a while since you looked at your home's current value and what you still owe, it might be worth a conversation. I can help you run the numbers and explore what options make sense for your situation. Let's talk about what your equity means for your financial goals.
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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
Len Padilla
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