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Mortgage Market Update
Nicholas Dolen
Nicholas Dolen
Friday, November 6, 2026
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Should you refinance your mortgage? |
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One of the questions I hear most often is whether refinancing is the right move. Let me break down when it typically makes sense.
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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 refinancing makes sense (and when it doesn't)
Refinancing—replacing your current mortgage with a new one—can be a smart move, but it's not right for everyone or every situation. The main reasons people refinance are to lower their monthly payment, shorten their loan term, switch from adjustable to fixed rates, or tap into home equity. But refinancing comes with closing costs and takes time, so you want to make sure the benefit outweighs what you'll pay upfront. The math changes depending on how long you plan to stay in your home and what rates look like right now. If you've been wondering whether it's worth exploring, I'm happy to walk through your specific situation—no obligation, no pressure. Let's figure out if it makes sense for you. Reach out if you'd like to talk through whether refinancing could work for your goals.
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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 Nicholas Dolen team any time and we'll walk you through your options. |
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