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Mortgage Market Update
Erik Olson
Erik Olson
Tuesday, November 3, 2026
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When rates move, your options move too |
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Hi there,
Interest rates are always in motion, and that creates real opportunities. Here's what you should know.
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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
When rates drop, your options change
Interest rates don't stay still, and when they move, it affects more than just new borrowers. If you're a homeowner with an existing mortgage, a shift in rates can open doors you didn't have before. Lower rates might make refinancing worth a closer look. Higher rates might shift your timeline if you've been thinking about buying. The key is understanding what's actually possible for your situation right now—not what was possible last month or might be possible next month. That's where a quick conversation with me comes in handy. I can walk through your options based on where rates are today and what makes sense for your goals. Let's talk about what a rate change means for you specifically.
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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 Erik Olson team any time and we'll walk you through your options. |
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