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Mortgage Market Update
My Mortgage Company
Forrest Gump
Tuesday, November 3, 2026
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Picking the right loan type matters |
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Hi there. This week I want to talk about something that doesn't always get the attention it deserves when you're 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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Loan Programs
Not all mortgages work the same way
When you're shopping for a mortgage, it's easy to focus on the rate and miss something just as important: the loan type itself. Fixed-rate mortgages, adjustable-rate options, government-backed programs—they each behave differently over time and in different rate environments. The right choice depends on your timeline, comfort level with change, and how long you plan to stay in your home. A loan that makes sense for someone buying their first place might not work for someone refinancing after ten years. That's why I always dig into the details with my borrowers before recommending anything. The goal is finding the structure that actually fits your life, not just the lowest rate on paper. Let's talk through which loan type makes sense for your situation.
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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
Forrest Gump
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