Mortgage Market Update

Tarrell Stansberry

Saturday, October 31, 2026

Loan type: why it shapes your whole mortgage

When it comes to mortgages, one number doesn't tell the whole story. The loan program you choose is just as important as the rate itself.

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.

Mortgage Basics

Why your loan type matters more than you think

When you're shopping for a mortgage, it's easy to focus only on the interest rate. But the type of loan you choose—fixed-rate, adjustable-rate, FHA, conventional, or others—shapes your entire borrowing experience. Each program has different rules about down payments, credit requirements, how your payment behaves over time, and what flexibility you have down the road. The right choice depends on your timeline, budget, and comfort level. A loan that works perfectly for someone buying their first home might not suit someone with significant equity looking to refinance. I'd encourage you to think beyond just the rate. If you're curious about which loan type aligns with your situation, I'm here to walk you through the options.

Let's talk about which loan program makes the most sense for you.

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 Tarrell Stansberry team any time and we'll walk you through your options.

Your Mortgage Advisor

Tarrell Stansberry

tstansberry@haymakerhomeloans.com

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