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Mortgage Market Update
My Mortgage Company
Johnny McCollum
Tuesday, November 3, 2026
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When your payment changes (and what to do) |
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Adjustable rates and loan adjustments can feel like moving targets. Let me break down how they work and why a conversation now can save you stress later.
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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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Payment Planning
When your payment changes, here's what to expect
If you have an adjustable-rate loan or a rate that's set to adjust soon, understanding what happens next is worth your time. When rates move, your monthly payment can shift along with them—sometimes by quite a bit. The key is knowing ahead of time what to budget for, so there are no surprises. I often talk with borrowers who wish they'd had a clearer picture of their payment before the adjustment took effect. We can walk through your loan terms, show you what your payment might look like under different rate scenarios, and talk through your options—whether that's refinancing into something more predictable or simply preparing for the change. Either way, you'll have confidence in your numbers. Let's review your loan structure and talk through what's coming next.
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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
Johnny McCollum
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