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Mortgage Market Update
Megan Bissell
Edge Home Finance
Monday, October 26, 2026
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Fixed or adjustable—what's the difference? |
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Picking a mortgage is about more than just the rate. The type of loan you choose shapes how your payment works over time, and that matters.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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Source: Optimal Blue daily mortgage indices via FRED
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 vs. adjustable: which loan fits your life?
When you're shopping for a mortgage, one of the biggest choices is whether you want a fixed-rate loan (your payment stays the same for the whole loan) or an adjustable-rate loan (your rate changes after an initial period). Fixed rates give you predictability and peace of mind—you know exactly what you'll pay each month, no matter what happens with the market. Adjustable-rate loans often start lower, which can mean lower initial payments, but your rate can go up later, and so can your payment. The right choice depends on your plans: if you're staying in the home long-term, fixed is usually the safer bet. If you think you'll move or refinance within a few years, an adjustable rate might make sense. I'm happy to walk you through both options and help you figure out what works for your situation. Let's talk about which loan structure makes the most sense for you.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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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 Bissell team any time and we'll walk you through your options. |
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