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Mortgage Market Update
My Mortgage Company
Kevin Francis
Tuesday, November 3, 2026
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Why your payment changed this month |
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One of the questions I hear most is: why did my payment go up? Let me explain what's usually happening behind the scenes.
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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
Why your monthly payment might change even if your rate doesn't
A lot of homeowners assume their mortgage payment stays the same for the life of the loan. But if you have an escrow account—where your lender collects money for taxes and insurance—your payment can go up or down each year based on what your local government and insurance company charge. It's not a mistake; it's how escrow works. Understanding this now means no surprises when your payment adjusts. If you've noticed a change or want to know what's actually included in your payment, I'm here to walk you through it. Let me know if you'd like a breakdown of what makes up your payment.
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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
Kevin Francis
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