Mortgage Market Update

My Mortgage Company

John Magoffin

Friday, November 6, 2026

Your loan type shapes more than you realize

Not all mortgages are created equal. The program you choose can matter just as much as the rate itself.

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.

Loan Programs

Why your loan type matters more than you think

When you're shopping for a mortgage, it's easy to focus only on the interest rate. But the kind of loan you choose—fixed-rate versus adjustable, conventional versus government-backed, 15-year versus 30-year—shapes your whole financial picture for years to come. Each program has real tradeoffs: some offer lower starting payments, others lock in certainty; some work better if you plan to move soon, others reward you for staying put. The right choice depends on your timeline, risk tolerance, and how you actually live. I've seen borrowers save thousands by picking a program that matched their real situation instead of just chasing the lowest rate. If you're curious whether your current loan is still the best fit for you, or you're starting the search and want to understand your options, I'd love to walk you through what matters most.

Let me help you figure out which loan type makes sense for your situation.

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

John Magoffin

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