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Mortgage Market Update
Nicholas Bastianelli
Nicholas Bastianelli
Tuesday, November 3, 2026
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Why your mortgage payment might be higher than you think |
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Hi there. Every month, homeowners send in a payment, but not everyone understands what they're really paying for. Let me break it down.
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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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Mortgage Basics
Why your monthly payment might change even if rates don't
A lot of people think their mortgage payment is locked in stone. The truth is a little more nuanced. While your interest rate and loan amount are fixed, other pieces of that monthly bill can shift—property taxes, homeowners insurance, and escrow amounts can all go up over time. Understanding what makes up your full payment helps you budget better and spot changes before they surprise you. If you've noticed your payment creeping up, or you're curious what's actually in that bill each month, I'm happy to walk through it with you and show you exactly where every dollar goes. Let's sit down and review your mortgage statement together—I can explain what's happening with your payment.
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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 Nicholas Bastianelli team any time and we'll walk you through your options. |
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