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Mortgage Market Update
My Mortgage Company
Envision Lending
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Hi there—I get asked about refinancing pretty often, and the answer is never the same twice. Here's what actually matters when you're weighing the decision.
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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 does refinancing actually make sense?
Refinancing isn't a one-size-fits-all move—it depends on your situation. The main reasons people refinance are to lower their monthly payment, shorten their loan term, tap into home equity, or switch from an adjustable to a fixed rate. But refinancing comes with costs, so it only makes sense if the benefit outweighs what you'll pay upfront. If you're planning to stay in your home for a while, the math might work. If you're thinking of moving soon, it might not. I'd rather talk through your specific goals than have you guess. That's what I'm here for. Let's run the numbers for your situation—just reach out and we can explore whether refinancing is worth it 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
Envision Lending
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