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Mortgage Market Update
My Mortgage Company
Patricia Do Rosario
Friday, November 6, 2026
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Understanding what your loan actually allows |
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Every mortgage is different, and the differences matter more than you might think. Here's why knowing your loan type and terms makes a real difference.
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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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Loan Programs
Not all mortgages work the same way
I talk to borrowers who didn't realize their loan came with built-in flexibility—or limits—until months in. The program you choose (fixed-rate, adjustable, FHA, conventional, VA) shapes how your payment works, what happens if rates move, and whether you can tap your equity down the road. Some programs lock your rate for life. Others shift over time. Some let you skip a payment if you hit rough water; others don't. None of these details show up in the marketing. They're in the fine print of your actual loan documents. Understanding what you signed up for isn't just smart—it helps you use your mortgage like a real financial tool instead of just paying it every month. I'm happy to walk you through what your loan actually does and doesn't allow. Reach out if you'd like me to explain what's in your paperwork.
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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
Patricia Do Rosario
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