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Mortgage Market Update
Michael Hutchinson
U Financial Services
Saturday, October 31, 2026
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Your mortgage type matters more than you think |
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One of the most common questions I get is "What's your rate?" — but there's a bigger question that should come first.
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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 Programs
Not all mortgages work the same way
When you're shopping for a mortgage—whether you're buying or refinancing—the interest rate gets most of the attention. But the type of loan you choose matters just as much. A fixed-rate mortgage locks in your payment for the life of the loan, while adjustable-rate options might start lower but can change over time. Some programs require more down, others less. Some have stricter credit requirements, others are more flexible. The right choice depends on your timeline, risk comfort, and financial picture. I'd love to walk you through your actual options so you pick the one that fits your real situation, not just the one with the lowest number on day one. Let's talk about which loan structure makes the most sense for you.
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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.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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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.
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2.
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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.
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3.
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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.
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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 Michael Hutchinson team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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Michael Hutchinson
U Financial Services
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