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Friday, November 6, 2026 |
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Mortgage Market Update
Why your mortgage payment jumped (and what to do)
We know mortgage surprises can be stressful. This week we're breaking down some of the most common questions we hear from homeowners—from unexpected payment changes to deciding between a HELOC and a refinance.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
6.93% 30-day Range: 6.93%–7.15%
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Conventional 15-Year
6.32% 30-day Range: 6.32%–6.48%
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FHA 30-Year
6.65% 30-day Range: 6.65%–6.96%
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VA 30-Year
6.51% 30-day Range: 6.51%–6.88%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr and 15-yr: Freddie Mac weekly survey · Includes our pricing adjustment
Rates shown are national mortgage index rates plus our pricing adjustment, 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 Term Strategy
Why your loan length matters more than you think
When you're comparing mortgages, it's easy to focus only on the interest rate. But the length of your loan — whether you choose 15 years, 20 years, 30 years, or something in between — shapes your whole financial picture. A shorter term means you build equity faster and pay less interest over time, but your monthly payment will be higher. A longer term gives you breathing room in your monthly budget, though you'll pay more overall. There's no universally "right" answer; it depends on your income stability, other debts, and long-term plans. I'd love to walk you through how different terms would actually look for your situation, so you can make a choice that fits your life, not just the numbers.
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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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Smarter Moves. Happier Homeowners.
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Your mortgage rate stayed the same, but your payment went up—what gives? Usually it's because your property taxes, homeowners insurance, or both have increased. Understanding the difference between your principal-and-interest payment and your escrow account is the key to figuring out what's happening and deciding what to do next.
| Key takeaway: a higher mortgage payment on a fixed-rate loan almost always means your taxes or insurance went up, not your interest rate. |
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Smarter Moves. Happier Homeowners.
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When you need cash and have home equity, you have options: tap a home equity line of credit or refinance your existing mortgage. Both work, but they carry different costs, payment structures, and trade-offs. Walking through a real-world example helps you see which path fits your situation and budget.
| Key takeaway: the right choice depends on how much cash you need, current rates, and whether you want one payment or two. |
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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 Paul Cederholm team any time and we'll walk you through your options.
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303-931-6798
NMLS# 1697336 · Company NMLS# 891464
Mortgage Broker | Cederholm Mortgage Advisors at Edge Home Finance · Unsubscribe
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