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Mortgage Market Update
My Mortgage Company
Mackenzie Paquette
Friday, November 6, 2026
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Your down payment determines more than you think |
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Hi there,
Today I want to clear up something I see borrowers get wrong all the time—and it could cost you if you're not careful.
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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 size really controls
One of the biggest misconceptions I hear is that your down payment is just about how much cash you need upfront. But it's so much more than that. The size of your down payment actually unlocks different loan options, affects what you'll pay over time, and determines whether you'll need mortgage insurance. Smaller down payments aren't a dealbreaker—they open different doors—but knowing what those doors are helps you make a smarter choice. Whether you're working with a smaller down payment or have substantial savings, the loan program that makes sense for you depends on your full picture, not just the number you're putting down. Let me walk you through what's available and what fits your situation. If you'd like to explore what programs work best for your down payment and goals, I'm here to help.
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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
Mackenzie Paquette
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