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Mortgage Market Update
My Mortgage Company
Kris Wootton
Friday, November 6, 2026
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Debt could be holding back your mortgage options |
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One of the most overlooked factors in getting approved and landing better terms is something most people don't bring up until it's too late. Here's what you should know.
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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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Debt Management
Your mortgage doesn't live in a vacuum
Here's something I see often: a borrower qualifies for a mortgage, but six months later they're stressed about payments because other debts crept up. Credit cards, car loans, student loans—they all talk to each other when a lender is deciding what you can afford. The good news is that paying down other debts before you buy (or refinance) can genuinely improve your options. Lower debt means lower risk in a lender's eyes, which opens doors. If you're thinking about your next move, or wondering why your approval came with certain terms, your full debt picture matters more than you might think. Let's talk through your whole financial picture—I'm here to help you see what's possible.
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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
Kris Wootton
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