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Mortgage Market Update
My Mortgage Company
Daniel Quinton
Tuesday, November 3, 2026
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Your payment is more stable than you think |
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Hi there. I want to clear up a common misconception about how mortgages work—one that affects how you plan your finances.
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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 rate changes, your payment doesn't have to
A lot of people assume that if rates move, their monthly payment moves with it. That's true if you have an adjustable-rate mortgage, but if you're on a fixed rate—which most people are—your payment stays locked in for the life of your loan. That's one of the biggest advantages of a fixed-rate mortgage: predictability. What does change over time is how much of each payment goes toward principal versus interest. Early on, more goes to interest; as years pass, more builds equity. Understanding this helps you make smarter decisions about whether to refinance, make extra payments, or stick with your current plan. I'm happy to walk through how your specific loan works. Reach out if you'd like to review how your payments are working 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
Daniel Quinton
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