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Mortgage Market Update
My Mortgage Company
Ryan Winter
Tuesday, November 3, 2026
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Your raise might change your mortgage strategy |
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Money moves in life are worth thinking through. When your income or expenses shift, your mortgage deserves a fresh look.
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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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Affordability Check
When your income changes, your mortgage math does too
Life happens—you get a raise, change jobs, or your household income shifts. Here's what matters: if you're paying less than you expected because your finances improved, that's breathing room. But it's also an opportunity. Some borrowers use that extra cash to pay down principal faster, shorten their loan term, or redirect funds to other goals. Others realize they could have qualified for a different loan structure that works better now. The point isn't to spend more—it's to make sure your mortgage is still the right fit for who you are today, not who you were when you signed. If your situation has changed, let's talk about whether your loan still makes sense.
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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
Ryan Winter
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