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Mortgage Market Update
Gaby Lockhart
Gaby Lockhart
Friday, November 6, 2026
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Why loan type matters as much as the rate |
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Hi there. This week I want to talk about something that doesn't get nearly enough attention when people are shopping for a mortgage.
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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
The loan type you choose matters more than you think
When you're ready to buy or refinance, it's easy to focus only on the interest rate. But the actual loan program—fixed-rate versus adjustable, conventional versus government-backed, 15-year versus 30-year—shapes your financial life for years. Each has real trade-offs. A shorter loan builds equity faster but means a higher monthly payment. An adjustable rate might start lower, but it can shift over time. A government-backed loan can mean lower down payment requirements; conventional financing might work better if you have significant equity. There's no one right answer for everyone. What matters is understanding which program fits your actual situation, your timeline, and your comfort level. I'd be happy to walk through your options and show you how different programs would look for your specific goals. Let's talk about which loan program makes the most sense 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 Gaby Lockhart team any time and we'll walk you through your options. |
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