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Mortgage Market Update
My Mortgage Company
Ken Schmidt
Friday, November 6, 2026
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Your home is building wealth—do you know how much? |
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Every month, your mortgage payment is doing more than just keeping a roof over your head. I want to show you what that really looks like in numbers.
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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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Home Equity
Your home is working for you—here's how to use it
Every mortgage payment you make builds equity—that's the difference between what your home is worth and what you still owe. Over time, that equity grows, and it becomes a real financial asset you can tap into when you need it. Whether you're thinking about a major home project, consolidating debt, or just want to understand your financial position better, knowing how much equity you've built matters. If life circumstances have changed since you bought—a new job, a growing family, or plans to upgrade—equity can open doors. The best part is you don't have to wait until your mortgage is paid off to use it. Let's talk about what your equity means for your next move. Get in touch if you'd like to explore what your home equity could do 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
Ken Schmidt
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