Mortgage Market Update

Alicia Kirby

Tuesday, November 3, 2026

What actually determines your monthly payment

Hi there. Every week I talk with people trying to figure out whether they're getting a fair deal on their mortgage. The answer is usually more nuanced than the rate alone.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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 Basics

Why your interest rate isn't the whole story

When people shop for mortgages, they focus on interest rates first—which makes sense, since rates affect your monthly payment. But your rate is only one piece of what you're actually paying for. Your loan term, down payment, loan type, and even your credit profile all work together to determine the true cost of borrowing. Two borrowers with the same rate can end up in very different financial situations based on these other factors. Understanding how they connect helps you make smarter decisions about which loan truly fits your life, not just which one sounds cheapest today.

If you'd like to walk through how these pieces fit together for your situation, I'm here to help.

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 Alicia Kirby team any time and we'll walk you through your options.

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