Mortgage Market Update

My Mortgage Company

Bailey Smith

Tuesday, November 3, 2026

Rates just moved—here's what that means

Mortgage rates are always in motion, and that affects more than just your bottom line. Let's break down what you should actually care about.

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.

Rate Movement

When rates shift, your options shift too

Interest rates don't stay still for long, and when they move, it changes what you can actually afford. A rate increase might mean a higher monthly payment on a new purchase, or it could mean refinancing becomes less attractive. On the flip side, if rates drop, that's often when people wake up to missed opportunities. The key thing to understand: your situation today isn't static. Whether you're thinking about buying, selling, or adjusting your current loan, knowing how rate movement affects your specific numbers helps you make smarter decisions instead of reactive ones. I'm always happy to walk through what the current environment means for you.

Reach out anytime you want to talk through how rates affect your goals—no pressure, just honest guidance.

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 My Mortgage Company team any time and we'll walk you through your options.

Your Mortgage Advisor

My Mortgage Company

Bailey Smith

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