Mortgage Market Update

CJ Cunningham

Saturday, October 31, 2026

Which type of loan makes sense for you

Hi there. This week I want to break down something that matters more than most borrowers realize: the actual type of mortgage you're choosing.

National Mortgage Rates · October 29, 2026

Conventional 30-Year

7.15%

FHA 30-Year

7.04%

VA 30-Year

6.79%

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.

Loan Programs

Not all mortgages work the same way

When you're shopping for a loan, you'll hear terms like fixed-rate, adjustable-rate, FHA, conventional, VA—and it's easy to think they're all just variations on the same thing. They're not. The type of loan you choose affects how your payment works, what happens over time, and what you can actually afford right now. A fixed-rate mortgage keeps the same payment for years. An adjustable-rate might start lower but can change. Government-backed programs like FHA or VA have their own rules and benefits. The right choice depends on your timeline, how long you plan to stay, and what feels stable to you. Understanding these differences before you commit is half the battle.

If you'd like to talk through which loan type might fit your situation best, I'm here to walk you through it.

Tip of the Week

Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.

2.	The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.

3.	There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the CJ Cunningham team any time and we'll walk you through your options.

Your Mortgage Advisor

CJ Cunningham

cj@barrettfinancial.com

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