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Mortgage Market Update
Michael Collins
Michael Collins
Friday, November 6, 2026
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Thinking about refinancing? Let's talk |
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Hi there,
Refinancing can be a smart move, but only when the timing and terms are right for your situation. 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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Refinancing Basics
When refinancing makes sense
Refinancing isn't just about chasing lower rates—it's a financial move that works best when your specific situation lines up right. Some borrowers refinance to shorten their loan term, others to switch from adjustable to fixed, and some to unlock cash they've built up in their home. The key is understanding what you're trying to accomplish and whether the timing makes sense for your goals. Every situation is different, which is why it helps to run the numbers with someone who knows your loan inside and out. If you've been thinking about refinancing but aren't sure whether it's worth exploring, I'd like to help you figure that out. Let's talk through whether refinancing could work for you right now.
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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 Michael Collins team any time and we'll walk you through your options. |
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