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Mortgage Market Update
My Mortgage Company
At Home With Gary Foote
Tuesday, November 3, 2026
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Which loan type is right for you? |
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There's more to a mortgage than just the rate. This week I want to break down why the type of loan you choose can matter more than you'd think.
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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
Not all mortgages work the same way
When you're shopping for a mortgage, the interest rate gets all the attention—but the type of loan you choose matters just as much. A fixed-rate mortgage keeps your payment steady for the life of the loan. An adjustable-rate mortgage starts lower but can change over time. Some programs require less down, others ask for more. Jumbo loans work differently than conventional ones. The right choice depends on how long you plan to stay in your home, how comfortable you are with payment uncertainty, and what your financial picture looks like right now. I've seen borrowers pick the wrong program and regret it later. Let's talk about which option actually fits your situation. Reach out and we can walk through which loan structure makes sense for your 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
At Home With Gary Foote
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