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Mortgage Market Update
My Mortgage Company
Marysol Ruiz
Friday, November 6, 2026
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Picking the right loan length for you |
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Hi there. This week I want to talk about something that gets overlooked more often than it should: the shape of your loan, not just its rate.
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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 Structure
Why your loan term matters more than you think
When we talk about mortgages, people focus on the interest rate — and that's understandable. But the term you choose (15 years, 30 years, or something in between) shapes your entire financial picture. A longer term means smaller monthly payments and more breathing room in your budget. A shorter term builds equity faster and costs less in total interest over time. Neither is automatically right; it depends on your goals, your cash flow, and how long you plan to stay in the home. The best loan structure is the one that fits your life, not just the one with the lowest rate. If you're not sure what makes sense for your situation, let's walk through it together. I'd be happy to show you how different terms would look for your specific scenario.
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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
Marysol Ruiz
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