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Mortgage Market Update
My Mortgage Company
Michael Rodriguez
Tuesday, November 3, 2026
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Rate locks: what you need to know |
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Hi there. This week I'm breaking down something that comes up in almost every loan file: rate locks and how they work.
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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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Loan Programs
What to know before locking in your rate
Rate locks protect you—they guarantee the interest rate you're offered won't change while your loan is being processed. But locks come with time limits, and if closing takes longer than your lock period, you might face an extension fee or a new rate entirely. Understanding your lock terms upfront means no surprises at the closing table. I always walk my clients through lock options based on their timeline and comfort level. It's one of those details that feels small until it matters. Let me know if you'd like to talk through rate lock strategy for your situation.
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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
Michael Rodriguez
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