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Mortgage Market Update
Gaby Lockhart
Gaby Lockhart
Tuesday, November 3, 2026
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Why loan type matters as much as the rate |
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Hi there. This week I want to talk about something that doesn't get nearly enough attention when people are shopping for a mortgage.
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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
The loan type you choose matters more than you think
When you're ready to buy or refinance, it's easy to focus only on the interest rate. But the actual loan program—fixed-rate versus adjustable, conventional versus government-backed, 15-year versus 30-year—shapes your financial life for years. Each has real trade-offs. A shorter loan builds equity faster but means a higher monthly payment. An adjustable rate might start lower, but it can shift over time. A government-backed loan can mean lower down payment requirements; conventional financing might work better if you have significant equity. There's no one right answer for everyone. What matters is understanding which program fits your actual situation, your timeline, and your comfort level. I'd be happy to walk through your options and show you how different programs would look for your specific goals. Let's talk about which loan program makes the most sense 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 Gaby Lockhart team any time and we'll walk you through your options. |
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