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Mortgage Market Update
My Mortgage Company
Eddie Cristerna
Friday, November 6, 2026
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Does it pay to refinance right now? |
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One of the most common questions I hear is whether someone should refinance their mortgage. It's a fair instinct—but the answer depends on your specific circumstances, not just the rate market.
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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
When does refinancing actually make sense?
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the money you save on your monthly payment—or the interest over time—justifies closing costs and the time involved. Some borrowers benefit immediately; others need to stay in their home long enough for savings to add up. If you've built equity, improved your credit, or your financial situation has changed since you got your loan, it might be worth a conversation. I can walk you through the numbers specific to your situation and help you decide whether it makes financial sense for you right now. Let's talk through whether a refinance pencils out for your 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
Eddie Cristerna
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