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Mortgage Market Update
My Mortgage Company
Justin Stein's Account
Tuesday, November 3, 2026
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Rate changes don't always mean your payment changes |
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Hi there. Rates move every week, and that triggers a lot of questions. Here's what you actually need to know.
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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
When mortgage rates move, it affects two different groups of people in two very different ways. If you have a fixed-rate loan, your payment stays exactly the same—rate changes don't touch it. But if you're shopping for a new mortgage or considering a refinance, a rate shift changes what you'd pay each month on a new loan. It also changes how much house you can afford, since lenders base approval on your monthly debt load. Understanding this difference helps you make smarter decisions about timing and your options. The rate environment matters, but it's just one piece of the puzzle. If you'd like to talk through how current rates affect your specific situation, I'm here to help.
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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
Justin Stein's Account
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