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Mortgage Market Update
My Mortgage Company
Mortgage Resources
Friday, November 6, 2026
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Your situation probably needs a different loan than theirs |
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I talk to a lot of homeowners who chose a loan because a friend or family member recommended it. The tricky part is that what works beautifully for one person can be the wrong fit for another.
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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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Loan Programs
Why your neighbor's loan might not work for you
Every borrower's situation is different, and the loan program that made sense for your coworker might create real problems for your finances. Some programs offer flexibility on credit or down payments. Others come with rate tradeoffs or require you to stay in your home longer to break even. The right fit depends on your timeline, how stable your income is, whether you're planning to move, and what you can actually afford each month. It's worth having a real conversation about your specific circumstances instead of just following what worked for someone else. If you'd like to talk through which programs might actually serve your goals, I'm here to walk you through the options.
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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
Mortgage Resources
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