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Mortgage Market Update
Keila Nelson
Keila Nelson
Friday, November 6, 2026
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Not all mortgages work the same way |
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Hi there. This week I want to clear up something I hear confusion about often: the different types of loans available and how to pick one that makes sense for you.
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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
Which loan type is actually right for you?
There's no one-size-fits-all mortgage. Fixed-rate loans lock in predictability—your payment never changes, which makes budgeting straightforward. Adjustable-rate mortgages start lower but can shift over time, which works well if you plan to move or refinance before the rate adjusts. Government-backed programs like FHA, VA, or USDA loans open doors for borrowers with smaller down payments or different financial profiles. The right choice depends on your timeline, risk tolerance, and how long you plan to stay in your home. I'm happy to walk through which programs you might qualify for and what the trade-offs actually look like in your situation.
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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 Keila Nelson team any time and we'll walk you through your options. |
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