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Mortgage Market Update
My Mortgage Company
Gabrielle Theoharis
Tuesday, November 3, 2026
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When rates shift, your budget does too |
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Rates don't stand still, and neither should your mortgage strategy. Here's what you should know when rates move.
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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
When rising rates make your budget tighter
If you've checked rates lately, you've probably noticed they move. When rates go up, the monthly payment on the same loan amount goes up too—sometimes enough to change what you can afford. This matters whether you're shopping for a home now or thinking about it soon. The good news: there are real options. A larger down payment, a longer loan term, or looking at a less expensive property can all help bring your payment back into your comfort zone. The key is understanding how these pieces fit together so you can make a choice that actually works for your life, not just chase a number on paper. If you'd like to talk through what a realistic budget looks like for you right now, I'm here to walk through it.
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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
Gabrielle Theoharis
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