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Mortgage Market Update
My Mortgage Company
Nicola Josephine McCloskey-Kieff
Friday, November 6, 2026
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Your credit score and your mortgage rate |
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Hi there. I want to share something that catches a lot of people by surprise when they're shopping for a home or a new loan.
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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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Paying Down Debt
Why your credit score matters more than you think
Your credit score isn't just a number—it's one of the biggest factors that determines what mortgage rate you'll be offered. The better your score, the better your rate tends to be. That's why paying down existing debt, especially high-interest credit cards, can actually be one of the smartest moves you make before applying for a mortgage or refinancing an existing one. Even modest improvements to your score can make a real difference in your long-term costs. If you're thinking about buying soon or refinancing, I'd love to walk you through how your current credit profile stacks up and what moves might help you qualify for better terms. Let's talk about where you stand and what options make sense for you.
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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
Nicola Josephine McCloskey-Kieff
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