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Mortgage Market Update
Major Singleton
Major Singleton
Friday, November 6, 2026
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The mortgage type matters more than you think |
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There's more to picking a mortgage than just the rate. This week, I want to clear up how different loan programs actually work—and why the one you choose shapes your whole homeownership experience.
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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
Not all mortgages work the same way
When you're shopping for a mortgage, the interest rate gets most of the attention—but the type of loan you choose matters just as much. A fixed-rate mortgage keeps your payment stable for the life of the loan. An adjustable-rate mortgage might start lower but can change over time. Some programs let you put down less upfront; others require more but offer different terms. The right choice depends on how long you plan to stay in your home, how comfortable you are with payment changes, and what fits your budget today and tomorrow. I'd love to walk you through your options and find the program that actually makes sense for your situation. Let's talk about which mortgage structure works best for 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 Major Singleton team any time and we'll walk you through your options. |
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