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Mortgage Market Update
My Mortgage Company
Eric Benitez
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Refinancing can be a smart move—or a miss. Let's look at what actually matters when deciding whether to do it.
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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
When refinancing makes sense (and when it doesn't)
Refinancing isn't a one-size-fits-all move, and it's worth understanding what actually improves your situation. The math is straightforward: you refinance when the new loan terms save you money over time—whether that's a lower rate, a shorter timeline, or switching from adjustable to fixed. But refinancing comes with costs, and those costs need to be worth what you'll save. Some borrowers benefit in months; others need years to break even. The right decision depends on your timeline, how long you plan to stay in your home, and what you're trying to achieve. I'm happy to walk through your numbers and show you whether a refinance pencils out for your specific situation. Let's talk through whether refinancing could work 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
Eric Benitez
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