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Mortgage Market Update
My Mortgage Company
At Home With Gary Foote
Tuesday, November 3, 2026
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Different loans, different rules |
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When you're shopping for a mortgage, it's easy to focus only on the rate. But the type of loan you choose matters just as much—sometimes more.
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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
One of the biggest decisions you'll make isn't about your rate—it's about which type of loan fits your life. Fixed-rate mortgages keep your payment steady forever, which works great if you like predictability. Adjustable-rate mortgages start lower but can change over time, which appeals to some borrowers with a different timeline in mind. Then there are programs designed for specific situations: VA loans for military service members, FHA loans that require less down, jumbo loans for higher-priced homes. Each one has different rules, costs, and benefits. The right choice depends on your plans, how long you're staying put, and what feels manageable to you. I'd love to walk you through the options that actually make sense for your situation. Let's talk about which loan program might work best 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 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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