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Mortgage Market Update
My Mortgage Company
Barrett Financial Group - Marco Guzman
Friday, November 6, 2026
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Down payment: more than just a number |
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Hi there. This week I want to walk you through something borrowers don't always think about until it's too late.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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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.
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Loan Programs
What your down payment actually determines
Most people think down payment size is just about the number you need to close. But it's really about which loan programs become available to you, and that changes everything. A smaller down payment might lock you into one path; a larger one opens doors to better terms, lower costs, or more flexibility later. The right program for your situation depends on where you're starting from. If you're thinking about buying soon or wondering whether to put more down on a refinance, it's worth a real conversation about what's actually in your interest—not just what sounds standard. Let's talk through what makes sense for your down payment and 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 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
Barrett Financial Group - Marco Guzman
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