Mortgage Market Update

Alicia Kirby

Friday, November 6, 2026

What actually determines your monthly payment

Hi there. Every week I talk with people trying to figure out whether they're getting a fair deal on their mortgage. The answer is usually more nuanced than the rate alone.

National Mortgage Rates · November 5, 2026

Conventional 30-Year

7.18%

FHA 30-Year

6.90%

VA 30-Year

6.76%

Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey

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.

Loan Basics

Why your interest rate isn't the whole story

When people shop for mortgages, they focus on interest rates first—which makes sense, since rates affect your monthly payment. But your rate is only one piece of what you're actually paying for. Your loan term, down payment, loan type, and even your credit profile all work together to determine the true cost of borrowing. Two borrowers with the same rate can end up in very different financial situations based on these other factors. Understanding how they connect helps you make smarter decisions about which loan truly fits your life, not just which one sounds cheapest today.

If you'd like to walk through how these pieces fit together for your situation, I'm here to help.

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.

Tips for Homeowners

Protecting Yourself from Mortgage Scams

1.	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.

2.	Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.

3.	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.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Alicia Kirby team any time and we'll walk you through your options.

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