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Mortgage Market Update
David Smith
David Smith
Tuesday, November 3, 2026
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Your payment is fixed, but rates aren't |
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Hi there. I wanted to clear up something I hear a lot of confusion about—the difference between what rates do and what your mortgage payment does.
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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
What happens to your payment when rates move
When mortgage rates shift—whether up or down—a lot of borrowers assume their monthly payment automatically changes. Here's what actually happens: if you have a fixed-rate mortgage, your payment stays locked in for the life of the loan. Rates moving won't touch it. What does change is the buying power of new borrowers and the refinancing picture for people like you. If rates drop, you may have an opportunity to refinance into a lower payment. If rates rise, you're protected by your existing rate. Understanding this difference helps you make smarter decisions about whether refinancing makes sense for your situation, or whether now is the time to lock in what you have. Let's talk about whether a rate move might open up new options for you.
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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 David Smith team any time and we'll walk you through your options. |
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