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Mortgage Market Update
Barrett Financial
Barrett Financial
Friday, November 6, 2026
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Does refinancing make sense right now? |
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Hi there. This week I want to talk about one of the most common questions I get from homeowners who have been in their mortgage for a few years.
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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
Should you refinance? Here's how to know.
Refinancing isn't right for everyone, but it's worth understanding when it might make sense. The main reason people refinance is to lower their monthly payment—either because rates have dropped or because they've built equity and can borrow on better terms. But there are costs involved in refinancing, so you want to be clear about your timeline and goals before you start. If you're planning to stay in your home long enough to recoup those costs through savings, it could be a smart move. The best way to know is to run the numbers with someone who knows your situation. I'm happy to walk through the math with you and show you what a refinance could look like. Reach out if you'd like to explore whether refinancing makes sense for your home and finances.
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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 Barrett Financial team any time and we'll walk you through your options. |
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