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Mortgage Market Update
My Mortgage Company
John Bohannon
Tuesday, November 3, 2026
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Different loans, different results |
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Hi there. This week I want to clear up something I see confuse a lot of borrowers—the difference between loan types and why it actually 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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Loan Programs
Not all mortgages work the same way
One of the biggest decisions you'll make isn't just about the rate—it's about which loan program fits your life. A fixed-rate mortgage keeps your payment steady for 15, 20, or 30 years. An adjustable-rate mortgage might start lower but can change over time. Government-backed loans like FHA, VA, or USDA have different rules and benefits. First-time buyers often have options they don't know exist. The right choice depends on how long you plan to stay, your comfort with risk, and what you're trying to accomplish. I'd love to walk you through what makes sense for your situation. Let's talk about which loan program is the best fit 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
John Bohannon
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