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Mortgage Market Update
Evan Karr
Evan Karr
Tuesday, November 3, 2026
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Fixed vs. adjustable: which do you have? |
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Hi there. This week I'm walking through one of the fundamentals that matters most to your long-term comfort as a homeowner.
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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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Mortgage Basics
What happens to your payment when rates change
A lot of people ask me whether a rate change automatically means their monthly payment goes up or down. The short answer: it depends on what kind of loan you have. If you have a fixed-rate mortgage, your payment stays locked in for the life of the loan—no surprises, no matter what rates do in the market. With an adjustable-rate mortgage, your payment can change after the initial fixed period ends. Understanding which one you have (and what it means for your budget) is one of the most important things you can know as a homeowner. If you're unsure about your loan type or want to talk through what makes sense for your situation, I'm here to help. Let's talk about your loan and what you can expect down the road.
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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 Evan Karr team any time and we'll walk you through your options. |
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