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Mortgage Market Update
My Mortgage Company
David Coldiron's Account
Friday, November 6, 2026
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What actually costs you money on a mortgage |
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Hi there. One of the most common misconceptions I run into is the idea that shopping for a mortgage is all about chasing the lowest rate. It's not quite that simple.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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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.
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Mortgage Basics
Why your interest rate isn't the only number that matters
When you're shopping for a mortgage or thinking about refinancing, it's easy to fixate on the interest rate. But here's what I see happen a lot: borrowers focus so hard on rate that they miss other costs that actually affect what they pay each month and over the life of the loan. Things like how long you're staying in the home, the type of loan structure, and what fees are built into the deal all play a real role. A lower rate might look great on paper, but if it comes with terms that don't match your situation, it might not be the right move. That's why I always recommend looking at the full picture before deciding. If you're curious about what actually makes sense for your specific circumstances, I'd love to walk through it with you. Let's talk about what a good fit really looks like for 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 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
David Coldiron's Account
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