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Mortgage Market Update
My Mortgage Company
Wayne Lacy
Friday, November 6, 2026
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Should you refinance? Here's how to tell. |
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Hi there. This week I want to talk about refinancing—what it is, when it actually saves you money, and how to know if it's worth pursuing.
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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
When a refi actually makes sense
Refinancing isn't always the right move—but sometimes it's exactly what you need. The main reason people refinance is to lower their monthly payment or shorten their loan term. That said, it only pencils out if you plan to stay in your home long enough to recoup the costs involved. I also see people refinance to tap into their equity for a major expense, or to switch from an adjustable rate to a fixed one when rates stabilize. The math is different for everyone. If you've been curious whether a refi could work for your situation, I'm happy to walk through the numbers with you—no pressure, just clarity. 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 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
Wayne Lacy
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