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Mortgage Market Update
My Mortgage Company
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Tuesday, November 3, 2026
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Loan type matters more than rate alone |
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Hi there. This week I want to cover something that doesn't get enough attention when people are comparing mortgages.
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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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Mortgage Basics
Why your loan type matters more than you might think
When you're shopping for a mortgage, it's easy to focus only on the interest rate. But the type of loan you choose—fixed-rate versus adjustable, conventional versus government-backed—shapes your entire financial picture. Different loan programs work better for different situations: some offer lower upfront costs, others provide stability and predictability. The right fit depends on how long you plan to stay in your home, your risk tolerance, and your cash flow needs. I've seen borrowers save significantly just by choosing the program that actually matches their life, not the one that sounds cheapest on day one. Let's talk about which option makes sense for you. Reach out and we can walk through the loan programs that fit 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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