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Hi, I'm Ella Gurfinkel, your host of the AskElla Show and senior loan officer at Fairway Independent Mortgage. On my podcast, I cut through the noise to bring you honest conversations about real estate, mortgages, and financial planning.
I interview industry experts to tackle everything from homebuying basics to complex topics like reverse mortgages, trusts, and market trends. With decades of experience, I'm passionate about dispelling myths and providing clear, actionable advice.
Whether you're buying your first home, refinancing, or planning for retirement, I'm here to help you make informed decisions. Join me for straightforward talk about real estate and beyond!
Mortgage interest rates in 2026. Here is what the banks don't want you to know. If you're waiting for mortgage rates to drop back to 3%, you're making the biggest financial mistake of your life. And I'm about to show you exactly why the media sphere porn is costing you thousands of dollars every single month you wait.
Hi there. I'm Ella Gerfinkle, senior loan officer with over 30 years of experience and over 2,000 families served in my lifetime. My goal is to help people just like you to cut through the BS and make smart mortgage decisions in today's crazy market. Now, I don't want you to like or subscribe until you get to the end of this video because I don't want you to just click buttons. I want you to actually understand what's happening with interest rates right now in 2026 and more importantly what you can do about that. Because guess what? The rates everyone's complaining about, they're actually closer to normal than you think. Let me start with some real talk. Current mortgage rates are sitting at around 6 and a quarter to 6.375 for a 30-year fixed conventional and about half a percent lower for a 15-year. And everybody's losing their mind going, "Oh my god, the rates are so high." Listen, the COVID rates in the twos and threes were really a once- ina-lifetime black swan event. the normal market rates, they're really more in the fives, 5 and a half to 6%. So honestly, we're not that far off from the norm. So stop listening to the fear porn, please. What does actually determine your interest rate? Now, here is what the banks don't want you to understand. Your interest rate isn't just some random number they pull out of thin air. There are five key factors that determine what you will actually pay. And if you don't know these, you are walking into the bank branch like a lamb to the slaughter. Factor number one, your credit score. If your credit score is above 780, you are getting the best rates available. Below 620, you're considered high risk and you're going to pay for it. But here is the kicker. Most people don't even know their real credit score or how to improve it before they apply. Factor number two, your down payment. The more you put down, the lower your rate, right? Wrong. That's actually a myth. The less you put down in the higher credit score tiers, the better your interest rate. The more you put down, the higher your rate. Illogical. Nonetheless, this is what mortgage industry does to you. Yes, you can put 20% down and boom, no PMI, but you would have a higher interest rate. It's that simple. But again, nobody tells you because this is one of the industries bestkept secret. Factor number three, your debt to income ratio. Keeping it lower if you want the good stuff that shows the lender that you can actually afford the payment. That actually affects your approval way more so than the rate. And in many instances, it's not actually the rate that it affects. It affects your mortgage insurance when you're putting down less than 20%. And this is where I see most people mess up. They're looking at the houses they actually can't afford. Factor number four, the economy and the Fed policy. Strong economy and inflation push rates up. The Fed doesn't directly set mortgage rates, but their policies affect Treasury bonds, affect mortgage bonds, and that in turn affects your mortgage rate. It's all connected, but it's not a direct relationship between the Fed lowering the rates and the mortgage rates coming down. Factor number five, political uncertainty. And here is something most loan officers won't tell you. The administration's policies, the tariffs, the tax decisions, they all create volatility in the markets. When there is uncertainty, rates can swing wildly. That's just the reality we're dealing with so far in 2026. So, there is not one set of factors that affects the interest rates for everybody or for you individually. Let me show you what this means in real dollars. Let's say you're looking at a $500,000 loan. At 6.17%, your principal and interest payment is about $3,040 a month. If rates drop to 5.5, which could happen, that same loan drops to 2839. Now, that's 200 bucks a month, $2,400 a year difference. But here's my question for you. How long are you willing to wait for that? Because while you're waiting, home prices are still going up. that 500k house today might be 530 next year. So, you saved 200 bucks a month, but now you need an extra 30,000 to make up for. Does that math work for you? Personally, I don't think so. But you let me know below in the comments. So, what should you actually do? First, get your financial house in order. Know your credit score. Know your debt to income ratio. Know what you can actually afford. Don't be like the people who get preapproved for an amount they qualify for then get slapped in the face with a monthly payment they didn't expect. Second, work with a professional who knows what they're doing, not an order taker at a big box bank who's more concerned about opening checking accounts than getting you the best mortgage. Find someone who does nothing but mortgages, who lives and breathes this stuff. Third, understand that timing the market is a fool's game. The best time to buy was 10 years ago. The second best time to buy if you're financially ready today. So, look, I've been doing this for over 30 years. And I've seen every market condition you can imagine. The people who succeed are the ones who focus on what they can control. Their credit, their down payment, their debt to income ratio, not on what the media is saying about rates. If you're ready to have a real conversation about what you can actually afford and how to get the best rate for your situation, book a time with me. It's absolutely free and we'll have a very blunt and honest conversation about your options. Now that you've gotten the real information, not the fear porn, not the marketing BS. Was this information useful? Please write me a comment. I always respond in my usual blunt and direct manner. Hit that button to subscribe and like this video. And I'll see you in the next one.