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Mortgage Market Update
Petra Cephas
Bishoi Nageh
Friday, November 6, 2026
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Is your loan type working for you? |
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Hi there. This week I want to talk about something that doesn't get enough attention: the actual type of mortgage you have and why it matters.
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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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Mortgage Basics
Why your loan type matters more than you think
Not all mortgages work the same way, and the one you chose (or are considering) has real consequences for your finances. A fixed-rate loan locks in predictability—your payment never changes. An adjustable-rate mortgage might start lower but can shift over time. Government-backed loans like FHA or VA have different rules around down payments and insurance than conventional loans. Each has trade-offs that make sense for different situations. The key is understanding what you actually signed up for and whether it still fits your life. If you're unsure about your loan type or want to explore whether a different one might work better for you, I'm here to walk through it. Get in touch if you'd like to review your loan or talk through your options.
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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 Petra Cephas team any time and we'll walk you through your options. |
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