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Mortgage Market Update
My Mortgage Company
Eric Swenson
Friday, November 6, 2026
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Rates down—here's what that means for you |
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Mortgage rates don't stay still. When they move, your borrowing power and refinancing options shift with them. Here's what you should know.
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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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Rate Environment
When rates drop, your options expand
If you've been watching rates lately, you know they move. When rates decrease, something important shifts for homeowners: your refinancing math changes, and sometimes dramatically. A lower rate can reduce your monthly payment, shorten your loan term, or help you tap into equity you've built. But here's what matters most—timing isn't about predicting the future. It's about understanding your own situation right now. Do you have equity? Is your credit in good shape? Are you planning to stay in your home? These questions matter more than guessing where rates go next. The best time to explore your options is when you're curious enough to ask. If you've wondered whether a rate move might work in your favor, that's worth a conversation. Let's talk through what a rate change might mean for your specific loan.
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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 Swenson
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