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Mortgage Market Update
CHRIS MILLER
Chris Miller
Friday, November 6, 2026
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Does your loan type still fit your situation? |
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Most homeowners don't think much about their loan program—until something changes. This week, I want to help you understand why the type of mortgage matters.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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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 mistakes I see is borrowers choosing a loan program without understanding how it actually works for their situation. A fixed-rate mortgage behaves differently than an adjustable one. An FHA loan has different rules than a conventional loan. An ARM might lower your starting payment, but the mechanics of how it adjusts are nothing like a fixed rate. The right program depends on your timeline, risk comfort, and plans for the home. If you're shopping around or thinking about your current mortgage, it's worth a real conversation about whether your loan type still makes sense for where you are now. I'm here to walk through the options with you. Let's talk about which loan program fits your goals.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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 CHRIS MILLER team any time and we'll walk you through your options. |
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