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Mortgage Market Update
Matthew Richardson
Matthew Richardson
Monday, October 26, 2026
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Your credit score isn't the whole story |
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Hi there—this week I want to tackle one of the biggest barriers keeping people from buying or refinancing: the belief that their credit has to be flawless.
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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
Stuck thinking you need perfect credit to buy?
One of the biggest myths I hear is that you need a spotless credit history to qualify for a mortgage. The truth is, lenders have programs designed for people with real credit histories—not perfect ones. If you've had a late payment, a medical bill in collections, or went through a rough patch, that doesn't automatically disqualify you. What matters most is the overall picture: your income, your down payment, and where you're at now. I've helped plenty of borrowers with less-than-perfect credit find a loan program that works for their situation. If you've been waiting on the sidelines thinking you don't qualify, it might be worth a conversation. Let's talk about what programs might be available to you.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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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 Matthew Richardson team any time and we'll walk you through your options. |
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