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Mortgage Market Update
My Mortgage Company
Brent Powell
Tuesday, November 3, 2026
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Buying or refinancing? Don't assume 20% |
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Hi there—I wanted to clear up something I hear a lot from people just starting to think about a home purchase or a better loan.
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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 down payment options really are
A lot of people think you need to have 20% saved before you can buy—or refinance into a better loan. That's not quite how it works. There are several loan programs available to borrowers with different down payment requirements, and the right fit depends on your situation, credit, and goals. Some programs let you put down less and still get competitive terms. Others might make sense if you're building equity in a home you already own. The key is understanding which options are actually available to you, because the one you choose affects your payment, your costs over time, and your flexibility down the road. If you'd like to explore what programs fit your circumstances, I'm happy to walk through them with 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 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
Brent Powell
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