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Mortgage Market Update
Derek Mollin
Derek Mollin
Tuesday, November 3, 2026
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Your loan type affects more than just your rate |
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Hi there. This week I'm breaking down one of the most important (and overlooked) parts of getting a mortgage.
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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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Mortgage Basics
Why your loan type matters more than you think
When you're shopping for a mortgage, it's easy to focus only on interest rates. But the structure of your loan—whether it's a fixed rate, adjustable rate, or something in between—shapes your entire financial picture. Your loan type determines how predictable your payments are, how much you might owe down the road, and what options you'll have if circumstances change. Different programs work for different situations. A first-time buyer with stable income might thrive with one structure, while someone expecting their situation to shift might benefit from another. Understanding what you're actually signing up for takes the guesswork out of homeownership. I'd love to walk you through how different loan types could work for your specific goals. Let's talk about which loan structure makes the most sense for you.
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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 Derek Mollin team any time and we'll walk you through your options. |
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