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Mortgage Market Update
My Mortgage Company
Gary Wright — Gary Wright
Friday, November 6, 2026
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Should you refinance? Here's how to tell. |
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Some weeks I get the same question from multiple borrowers: is it time to refinance? The answer depends on your specific situation, not just the interest rate environment.
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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 Basics
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look attractive. The real question is whether the benefit you'll receive outweighs the cost and time involved in getting a new loan. Some borrowers benefit from lower payments, shorter loan terms, or switching from an adjustable rate to a fixed one. Others find that closing costs and the time to break even don't justify the switch. The math is different for everyone—it depends on your loan balance, how long you plan to stay in the home, and what's happening with rates. If you've been wondering whether now is your moment, I'd love to run the numbers with you and show you exactly what refinancing could (or couldn't) do for your situation. Let's talk through whether refinancing makes sense for you right now.
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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
Gary Wright — Gary Wright
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