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Mortgage Market Update
My Mortgage Company
Barrett Marketing
Tuesday, November 3, 2026
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What really makes up your mortgage payment |
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Understanding your mortgage payment is about more than just the interest rate. Here's what you need to 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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Mortgage Basics
Why your monthly payment isn't just principal and interest
When you get a mortgage quote, the payment number you see is often just the start. Most borrowers end up paying more each month than just principal and interest — there's also property taxes, homeowners insurance, and possibly mortgage insurance, all bundled into one payment. Understanding what goes into that number helps you budget accurately and spot where you might have wiggle room down the road. Some of these pieces change over time, and some don't. Knowing the difference is how you stay in control of your finances as a homeowner. If you're shopping for a mortgage or curious about what your actual monthly obligation looks like, I'd be happy to walk you through it. Let's talk through what your full payment picture would look like.
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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
Barrett Marketing
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