Mortgage Market Update

My Mortgage Company

Alan Gonzalez

Friday, November 6, 2026

Picking the right kind of mortgage

There's more to a mortgage than just the rate. This week I want to break down why the loan type you choose deserves just as much thought as the numbers.

National Mortgage Rates · November 5, 2026

Conventional 30-Year

7.18%

FHA 30-Year

6.90%

VA 30-Year

6.76%

Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey

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.

Mortgage Basics

Why your loan type matters more than you think

When you're shopping for a mortgage, the interest rate gets most of the attention. But the type of loan you choose—fixed rate, adjustable rate, FHA, conventional, and others—shapes your entire financial picture for years to come. Each program has different rules about down payments, credit requirements, and how your payment behaves over time. A fixed rate keeps things predictable. An adjustable rate might start lower but can change. Government-backed programs can open doors for borrowers who don't have a large down payment saved yet. The right choice depends on your plans, your budget, and how comfortable you are with change. I'd be happy to walk you through what each option actually means for your situation.

Let's talk about which loan type makes sense for where you are right now.

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.

Tips for Homeowners

Protecting Yourself from Mortgage Scams

1.	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.

2.	Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Alan Gonzalez

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