Mortgage Market Update

Bright Mortgage

Thursday, October 22, 2026

Which loan program is right for you?

There's more than one way to borrow for a home. Here's what you should know about your options.

National Mortgage Rates · October 20, 2026

Conventional 30-Year

7.33%

FHA 30-Year

7.13%

VA 30-Year

6.95%

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

Understanding your loan options matters

Not all mortgages are the same, and the right loan program for your situation depends on where you are in your homeownership journey. Whether you're a first-time buyer, refinancing an existing loan, or exploring a cash-out option, different programs have different features—fixed versus adjustable rates, down payment requirements, credit considerations, and more. Understanding what's available to you helps you make decisions that actually fit your life, not just what sounds cheapest today. The best program is the one that works for your timeline, comfort level, and financial goals. I'd be happy to walk through what might make sense for you.

Get in touch, and let's talk about which loan program fits your situation.

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.

Tips for Homeowners

Rate Lock Strategy: When and How Long to Lock

1.	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.

2.	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.

3.	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.

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

Your Mortgage Advisor

Bright Mortgage

info@brightmortgage.com

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