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Mortgage Market Update
Ryan Steer
Ryan Steer
Monday, October 26, 2026
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Not all mortgages work the same way |
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Hi there. This week I want to break down something that comes up a lot: what's the actual difference between mortgage programs, and how do you know which one fits?
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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 Program Basics
Which mortgage program is right for you?
Not all mortgages are the same, and the right loan program for your neighbor might not be the right one for you. Fixed-rate mortgages lock in your interest rate for the life of the loan—predictability and peace of mind. Adjustable-rate mortgages often start lower but can shift over time. Other programs—like those designed for first-time buyers, rural properties, or larger loan amounts—come with their own rules and benefits. The choice depends on your timeline, risk comfort, how long you plan to stay in the home, and your financial goals. Getting clear on what's actually available to you takes the guesswork out of the process. Let's talk through which option makes sense for your situation.
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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 Ryan Steer team any time and we'll walk you through your options. |
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