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Mortgage Market Update
Ross Osten
Ross Osten
Friday, November 6, 2026
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Should you refinance your mortgage? |
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Refinancing gets talked about a lot, but it's not always the right move. Here's how to tell if it might be worth exploring for you.
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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 actually makes sense
Refinancing sounds like it should always be an option, but the truth is it only makes financial sense in certain situations. The main question isn't whether rates have dropped—it's whether the cost to refinance will be recovered by your monthly savings before you plan to move or pay off the loan. Beyond the numbers, refinancing can also be useful if you want to shift from an adjustable rate to a fixed one, tap into your home's equity, or shorten your loan term. But those reasons only matter if the numbers work for your specific situation. I'd love to walk through whether it might benefit you. Let's talk through your refinancing options—there's no obligation, and it usually takes just a few minutes.
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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 Ross Osten team any time and we'll walk you through your options. |
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