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Mortgage Market Update
My Mortgage Company
John Bohannon
Friday, November 6, 2026
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Different loans, different results |
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Hi there. This week I want to clear up something I see confuse a lot of borrowers—the difference between loan types and why it actually 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 decisions you'll make isn't just about the rate—it's about which loan program fits your life. A fixed-rate mortgage keeps your payment steady for 15, 20, or 30 years. An adjustable-rate mortgage might start lower but can change over time. Government-backed loans like FHA, VA, or USDA have different rules and benefits. First-time buyers often have options they don't know exist. The right choice depends on how long you plan to stay, your comfort with risk, and what you're trying to accomplish. I'd love to walk you through what makes sense for your situation. Let's talk about which loan program is the best fit for you.
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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
John Bohannon
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