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Mortgage Market Update
My Mortgage Company
Jeff McCarthy
Friday, November 6, 2026
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Your mortgage is building wealth right now |
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I'm sharing something I think gets overlooked when people focus only on their monthly payment. Here's what I mean.
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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 Building
How your monthly payment builds wealth
Every mortgage payment you make does two things: it covers interest and reduces what you owe. That second part—principal paydown—is real equity growing in your home. Early on, more of your payment goes to interest; over time, the balance shifts and principal grows faster. This is why staying in a home matters. Even modest principal reduction compounds into serious wealth over years. If you've owned your home for a while, you might have more equity than you realize. That equity can become a tool later—for home improvements, a life event, or financial breathing room. Want to know what your current equity position looks like? Let's talk through it. Reach out anytime you'd like to review your loan or explore what your equity could do for you.
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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
Jeff McCarthy
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