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Mortgage Market Update
Scott Smith
Scott Smith
Tuesday, November 3, 2026
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Your mortgage payment might be about to change |
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A lot of homeowners don't realize their payment could shift until they see it happen. Let's make sure you're ready.
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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 mortgage payment jumps (and what to do)
If you're on an adjustable-rate loan or coming to the end of a fixed-rate period, you already know this: payments don't always stay the same. Rate adjustments, escrow changes, or the end of an initial fixed term can all shift what you owe each month. The good news is that a jump doesn't have to catch you off guard. Understanding what's coming, reviewing your options early, and building a small buffer into your budget makes a real difference. Whether you're thinking about refinancing to lock in stability or just want to plan ahead, now's the time to look at the numbers with clear eyes. Let's talk about what's ahead for your mortgage and find a plan that works 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 Scott Smith team any time and we'll walk you through your options. |
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