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Mortgage Market Update
Megan Henderson
Barrett Financial
Friday, November 6, 2026
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Choosing the right type of mortgage |
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Hi there. This week I want to talk about something that doesn't always make headlines but affects your loan more than you might think.
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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 Programs
Not all mortgages are built the same
When you're shopping for a home or thinking about refinancing, the interest rate gets most of the attention—but the loan program itself matters just as much. Different programs come with different rules about down payments, credit requirements, how long you have to pay back the loan, and what happens if rates change. A 15-year fixed mortgage works completely differently than a 30-year one, and an adjustable-rate loan behaves differently still. The right program for you depends on your timeline, how long you plan to stay in the home, and your comfort level with payment changes. That's why I always recommend talking through your options before you apply. I can walk you through what each program means for your specific situation. Let's talk about which loan program might work best 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 Megan Henderson team any time and we'll walk you through your options. |
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