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Mortgage Market Update
My Mortgage Company
Andrew Weinberg
Tuesday, November 3, 2026
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Rates up means your budget changes—here's why |
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Hi there. This week I want to explain something that confuses a lot of people: how mortgage rates directly impact the home you can afford.
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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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Affordability Shifts
Why your buying power changes when rates move
When mortgage rates go up, your monthly payment goes up on the same loan amount—which means you might qualify for less house. The opposite is true when rates fall. This isn't about the total price of a home; it's about what you can actually afford to borrow each month. Understanding this relationship helps you set realistic expectations and avoid getting frustrated during your search. If you're thinking about buying soon or refinancing an existing loan, knowing how rate changes affect your personal budget is the smartest first step. I'm happy to walk through the numbers with you and show what's actually possible. Reach out and we can look at what you qualify for today.
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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
Andrew Weinberg
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