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Mortgage Market Update
My Mortgage Company
Armando Cornejo
Friday, November 6, 2026
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Does refinancing make sense for you? |
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Sometimes a lower rate isn't reason enough to refinance. Here's what actually matters when you're weighing the decision.
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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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Refinancing Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question isn't whether rates have dropped—it's whether the benefit of a lower payment or shorter loan term justifies the time and cost of refinancing. Some borrowers see real savings; others break even or lose money on the deal. The math depends on how long you plan to stay in your home, your current loan balance, and what you'd pay to refinance. If you've been curious whether it might work for you, now's a good time to run the numbers with someone who can look at your specific situation. I'm happy to walk through it without any pressure or obligation. Reach out if you'd like to explore whether refinancing could benefit your situation.
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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
Armando Cornejo
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