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Mortgage Market Update
My Mortgage Company
test
Friday, November 6, 2026
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Loan type matters more than rate alone |
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Hi there. This week I want to cover something that doesn't get enough attention when people are comparing mortgages.
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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 might think
When you're shopping for a mortgage, it's easy to focus only on the interest rate. But the type of loan you choose—fixed-rate versus adjustable, conventional versus government-backed—shapes your entire financial picture. Different loan programs work better for different situations: some offer lower upfront costs, others provide stability and predictability. The right fit depends on how long you plan to stay in your home, your risk tolerance, and your cash flow needs. I've seen borrowers save significantly just by choosing the program that actually matches their life, not the one that sounds cheapest on day one. Let's talk about which option makes sense for you. Reach out and we can walk through the loan programs that fit your 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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