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Mortgage Market Update
My Mortgage Company
Jessica Angulo
Tuesday, November 3, 2026
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Rate drops—what changes for you |
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Rates move up and down all the time, and I get a lot of questions about what it means. This week I want to clear up the confusion.
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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, here's what actually changes
A lot of people ask me what happens to their mortgage when rates move. The truth is simpler than you might think. If you have a fixed-rate loan, your payment stays the same—nothing changes on your existing mortgage. But a rate drop matters if you're thinking about refinancing, or if you're shopping for a new loan. Lower rates can mean a lower payment on a new loan, or the ability to borrow more for the same monthly cost. For those still renting or in the market to buy, it shifts what you can afford. The key is understanding your own situation: Are you happy where you are? Could a move make sense for your goals? That's where a conversation helps. Let's talk about whether a rate change affects your next move.
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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
Jessica Angulo
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