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Mortgage Market Update
My Mortgage Company
Kirk Alvarez
Tuesday, November 3, 2026
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The loan type matters more than you think |
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There's a lot of mortgage information out there, and it's easy to get lost in the details. This week, I want to clear up something fundamental.
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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 Program Guide
Not all mortgages work the same way
When you're shopping for a mortgage or thinking about your current loan, the type of loan you choose matters as much as the rate itself. Fixed-rate mortgages lock in your payment for the life of the loan—predictable and stable. Adjustable-rate mortgages start lower but can move over time. Government-backed loans like FHA and VA have different qualification rules and benefits. Conventional loans work differently again. The right choice depends on your timeline, risk comfort, and financial situation. I'm happy to walk you through how each option might work for your specific goals. Let's talk about which loan program makes sense for where you are today.
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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
Kirk Alvarez
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