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Mortgage Market Update
Gaston Garrido
Gaston Garrido
Tuesday, November 3, 2026
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When to lock your rate (it's not as simple as you think) |
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Some mortgage decisions feel cut and dry. The rate-lock timing question is not one of them. Here's what actually matters when you're deciding.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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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Rate Environment
When your rate locks in matters
A lot of people ask me when they should lock their interest rate during the loan process. The honest answer is that timing is personal—it depends on your comfort with risk and how the market is moving. Some borrowers lock early for peace of mind, even if rates might drop later. Others wait longer, hoping to catch a dip, knowing rates could rise instead. There's no perfect moment, but there are smarter moves. Understanding your options—float, lock, or a hybrid approach—helps you make a choice that fits your situation, not just your hopes. If you're in process or thinking about applying soon, it's worth a conversation about what strategy makes sense for you. Let's talk about the rate path that works best for your timeline.
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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.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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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.
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2.
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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.
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3.
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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.
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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 Gaston Garrido team any time and we'll walk you through your options. |
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