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Mortgage Market Update
My Mortgage Company
Paige Bowman
Friday, November 6, 2026
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Should you refinance? Here's how to tell. |
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Refinancing gets a lot of attention, but it's not one-size-fits-all. Let me walk you through how to think about it for your situation.
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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 refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates shift. The math depends on your loan balance, how long you plan to stay in your home, and what you'd pay in closing costs. Some folks refinance to lower their rate or shorten their term. Others tap equity for a major expense or consolidate debt. The key is understanding your own situation—not just chasing a lower number on paper. That's where running the numbers with a loan officer makes a real difference. We can show you whether a refinance actually saves you money over time, or whether your current loan is already working well for you. Let's talk through whether refinancing fits your goals 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
Paige Bowman
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