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Mortgage Market Update
Scott Orich
Scott Orich
Monday, October 26, 2026
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Fixed or adjustable: which makes sense for you |
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One of the first decisions when getting a mortgage is picking the right rate structure. Here's what you need to consider.
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National Mortgage Rates · October 23, 2026
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Conventional 30-Year
7.23%
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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
What to know about fixed vs. adjustable rates
When you're shopping for a mortgage, one of the biggest choices is whether to lock in a fixed rate for the life of your loan or start with an adjustable rate that changes over time. Fixed rates give you peace of mind—your payment stays the same month after month, no surprises. Adjustable rates typically start lower, which can make sense if you're planning to sell or refinance in a few years. The right choice depends on your timeline, risk comfort, and how long you plan to stay in your home. I'm happy to walk you through how each works and which might fit your situation best. Let's talk through your rate options and find the right fit for your goals.
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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 Scott Orich team any time and we'll walk you through your options. |
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