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Mortgage Market Update
My Mortgage Company
Rowley RV - PHX
Friday, November 6, 2026
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Your loan term might be costing you more than you think |
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Every week I talk with people who haven't really thought through how their loan term affects their long-term finances. Let's fix that.
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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 Terms
15 years or 30? How your choice shapes your finances
One of the biggest decisions in a mortgage isn't just how much to borrow—it's how long you'll take to pay it back. A shorter loan term means higher monthly payments but you build equity faster and pay less interest overall. A longer term keeps your payment lower, which can free up cash for other goals. Neither is right or wrong; it depends on your budget, timeline, and what matters to you. If you've never sat down to compare how these two paths would look in your actual situation, it's worth doing. The difference can be eye-opening, and sometimes a small adjustment in one direction saves you more than you'd expect. I'd be happy to walk you through both scenarios so you can see what makes the most sense for your situation.
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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
Rowley RV - PHX
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