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Mortgage Market Update
My Mortgage Company
Brent Powell
Friday, November 6, 2026
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Buying or refinancing? Don't assume 20% |
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Hi there—I wanted to clear up something I hear a lot from people just starting to think about a home purchase or a better loan.
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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 options really are
A lot of people think you need to have 20% saved before you can buy—or refinance into a better loan. That's not quite how it works. There are several loan programs available to borrowers with different down payment requirements, and the right fit depends on your situation, credit, and goals. Some programs let you put down less and still get competitive terms. Others might make sense if you're building equity in a home you already own. The key is understanding which options are actually available to you, because the one you choose affects your payment, your costs over time, and your flexibility down the road. If you'd like to explore what programs fit your circumstances, I'm happy to walk through them with you.
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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
Brent Powell
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