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Mortgage Market Update
Dave Jenks
Dave Jenks
Friday, November 6, 2026
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Does refinancing make sense for you? |
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There's a lot of noise out there about refinancing. I want to cut through it and show you what actually matters when you're deciding whether to do it.
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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 Reality
When refinancing actually makes sense
Refinancing isn't automatic—it only pays off if the math works for your situation. The main reasons to consider it: your rate environment has shifted enough that your new payment would drop meaningfully, you want to shorten your loan term without stretching your budget too thin, or you're looking to tap home equity for a major expense. The catch is that refinancing has costs, so you need to stay long enough in the home to recoup them. It's not a one-size-fits-all move, which is why I always tell clients to run the numbers before deciding. Every borrower's timeline and goals are different. If you're wondering whether refinancing makes sense for you right now, let's talk through your specific 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 Dave Jenks team any time and we'll walk you through your options. |
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