Mortgage Market Update

My Mortgage Company

Nicole Farmer

Tuesday, November 3, 2026

Loan programs explained—and why yours matters

There's a lot of variety in how mortgages work. This week, I want to break down why the type of loan you choose is about much more than rate.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Loan Programs

Your loan type shapes your whole mortgage picture

When you're shopping for a mortgage, the loan program you choose—conventional, FHA, VA, USDA—affects more than just your interest rate. It shapes your down payment requirements, how much you can borrow, what your monthly costs look like, and even your long-term flexibility. A program that works beautifully for one borrower might not be the best fit for another. That's why it matters to understand what's available to you, not just what's cheapest today. I've found that borrowers who take time to explore their actual options end up feeling more confident about their decision. If you're not sure which program fits your situation, I'm happy to walk through them with you.

Let's talk about which loan program might be the right move for you.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Nicole Farmer

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