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Mortgage Market Update
My Mortgage Company
The Andrew Russell Team
Tuesday, November 3, 2026
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Rates moving? Here's what it means for you |
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Mortgage rates are always in motion, and I get questions about what that actually means for borrowers. Let me walk you through it.
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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 Movement
What happens to your payment when rates shift
A lot of people ask me: if rates go up or down, does my payment change? The answer depends on what kind of loan you have. If you're locked into a fixed-rate mortgage, your payment stays the same no matter what happens in the market—that's the whole point of that security. But if you're considering a new loan or a refinance, rate movement directly affects what you'd pay each month. Even a small shift in rates can change affordability or how quickly you build equity. Understanding this helps you make smarter decisions about timing and which loan type makes sense for your situation. Let's talk about what rates mean for your specific goals.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
The Andrew Russell Team
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