Mortgage Market Update

My Mortgage Company

Derek Gonnerman

Friday, November 6, 2026

Do you know what kind of mortgage you have?

Mortgages come in different flavors, and the one you choose (or already have) affects more than just your rate. Here's what homeowners should know.

National Mortgage Rates · November 5, 2026

Conventional 30-Year

7.18%

FHA 30-Year

6.90%

VA 30-Year

6.76%

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.

Loan Basics

Why your loan type matters more than you think

Not all mortgages work the same way. Some have rates that stay fixed for the life of the loan, while others adjust over time. Some are backed by government programs, others are conventional. The loan you choose shapes not just your monthly payment, but how your finances behave for years to come—and which options make sense if your life changes.

Understanding your own loan type helps you make smarter decisions down the road, whether that's about refinancing, selling, or staying put. If you've never really dug into what kind of mortgage you have or what it means, that's worth a conversation. I'm happy to walk you through it.

Let me know if you'd like to talk through your loan or explore what might work best for your situation.

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.

Tips for Homeowners

Protecting Yourself from Mortgage Scams

1.	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.

2.	Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Derek Gonnerman

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