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Mortgage Market Update
My Mortgage Company
LaTisha Elliott, Mortgage Loan Advisor
Friday, November 6, 2026
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Choosing the right mortgage type |
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Hi there—this week I want to cover something that catches a lot of people off guard when they're shopping for a home loan. The program you choose matters just as much as the rate.
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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 surprises for borrowers is learning that the mortgage you choose affects more than just your interest rate. Different loan programs come with different rules about how much you can borrow, how flexible your payments are, what happens if rates drop, and how much cash you need upfront. A fixed-rate mortgage behaves nothing like an adjustable one. An FHA loan opens doors that conventional financing might not. Even among similar programs, your options shift based on your credit, income, and how long you plan to stay in the home. Understanding which program fits your situation—not just which one sounds cheapest—can mean real peace of mind over the life of the loan. I'm happy to walk through what's available for your specific circumstances. Let's talk about which loan type makes sense for 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 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
LaTisha Elliott, Mortgage Loan Advisor
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