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Mortgage Market Update
Megan Bissell
Edge Home Finance
Tuesday, November 3, 2026
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Which loan type are you actually in? |
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Hi there. This week I want to clarify something that gets glossed over in most rate conversations: the type of loan you choose is just as important as the rate itself.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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Source: Optimal Blue daily mortgage indices via FRED
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 controls
Not all mortgages work the same way, and the one you choose affects more than just your interest rate. Your loan program determines how much you put down, what happens to your payment over time, and which borrowers qualify. A fixed-rate loan keeps the same payment for decades. An adjustable-rate loan may start lower but can change. FHA, VA, USDA, and conventional loans each have different rules about credit, income, and property type. Understanding which program fits your situation—not just chasing the lowest rate—is how you avoid surprises down the road. Let's talk through what makes sense for you. Reach out and we can walk through which loan type matches your goals.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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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 Megan Bissell team any time and we'll walk you through your options. |
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