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Mortgage Market Update
Shannon Palmer
Shannon Palmer
Friday, November 6, 2026
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Your down payment matters more than you think |
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Hi there. One question I hear a lot is whether someone has 'enough' saved to buy. The real answer is more interesting than a yes or no.
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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
What your down payment actually unlocks
Your down payment isn't just a number on a closing statement—it shapes your entire loan. The amount you put down affects your interest rate, your monthly payment, whether you'll need mortgage insurance, and even which loan programs become available to you. A larger down payment can mean better terms. A smaller one might open doors you didn't know existed, like programs designed specifically for buyers with less saved. Understanding how your down payment works for you—not against you—is one of the smartest moves you can make before you apply. I'd love to walk you through what's actually possible with what you have right now. Let's talk about how your down payment can work in your favor.
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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 Shannon Palmer team any time and we'll walk you through your options. |
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