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Mortgage Market Update
My Mortgage Company
Evan Smith - 2
Friday, November 6, 2026
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Your mortgage type matters more than you think |
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Hi there. This week I want to focus on something borrowers don't always dig into, but should: the structure of your loan itself.
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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 loan type really costs you
Not all mortgages are created equal, and the type of loan you choose affects far more than just your interest rate. Fixed-rate loans, adjustable-rate options, and specialty programs each come with different trade-offs—some favor stability, others offer lower starting payments, and some are built for people with specific situations. Understanding how your loan structure works helps you see the real picture of what you're committing to over time. If you've never walked through what makes one loan program different from another, or if you're wondering whether your current loan is still the best fit for your life today, I'd love to walk you through the options. There's no one-size-fits-all answer, but there's definitely a right answer for you. Let's talk about which loan program makes the most sense for your situation.
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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
Evan Smith - 2
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