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Mortgage Market Update
Jim Hoggan
Jim Hoggan
Friday, November 6, 2026
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Fixed or adjustable: which works for you |
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Hi there. This week I want to walk you through one of the most important decisions you'll make on a mortgage application.
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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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Loan Program Basics
Fixed or adjustable: which loan fits your plan
When you're shopping for a mortgage, one of the biggest choices is whether to lock in a fixed rate for the entire loan or start with an adjustable rate. A fixed-rate mortgage keeps the same interest rate and payment for 15, 30, or however many years you choose—predictable and stable. An adjustable-rate mortgage (ARM) typically starts lower but can change after an initial period, which means your payment could go up or down depending on where rates move. Neither is automatically "better"—it depends on how long you plan to stay in the home, your comfort with uncertainty, and what makes sense for your budget. Understanding how each one works helps you make a choice you'll feel good about. Let's talk through which option aligns with 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 Jim Hoggan team any time and we'll walk you through your options. |
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