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Mortgage Market Update
Gavin Lomas
Gavin Lomas
Friday, November 6, 2026
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Refinancing: three reasons people do it |
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Hi there. This week I want to share some thoughts on refinancing and help you figure out if it's worth exploring for your situation.
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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 financial sense
Refinancing isn't just about chasing lower rates—it's a financial tool that works best when the math actually works for you. Some of my clients refinance to shorten their loan term, others to tap equity for home improvements or consolidate debt, and some simply to lock in more stability. The key is understanding your own situation: how long you plan to stay in the home, what your closing costs will be, and whether the benefit outweighs what you'll pay upfront. If you've been thinking about refinancing but aren't sure whether it's right for you, I'd be happy to walk through the numbers with your specific loan and goals in mind. Let's talk about 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 Gavin Lomas team any time and we'll walk you through your options. |
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