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Mortgage Market Update
My Mortgage Company
Patricia Do Rosario
Tuesday, November 3, 2026
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Does your loan type match your plan? |
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A lot hinges on the type of mortgage you choose—and many people don't think much about it beyond the interest rate. This week, let's look at why that matters.
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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
A lot of people focus on interest rates when they're shopping for a mortgage, but the type of loan you choose shapes your finances for years. Some loans offer stability and predictability; others give you flexibility to pay down principal faster or tap into equity later. The right choice depends on your timeline, comfort level with change, and financial goals—not just the rate you see today. If you've been in your home for a while, your loan type also affects whether refinancing makes sense down the road. It's worth understanding what you have and why it works (or doesn't) for your situation. Let's talk about which loan structure fits your life and 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 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
Patricia Do Rosario
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