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Mortgage Market Update
Eddie Gamez
Edge Home Finance LLC
Tuesday, November 3, 2026
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The number that really matters on your mortgage |
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Hi there. This week I want to shift focus from rates for a moment—they're important, but they're only part of the story.
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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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Affordability Check
When your payment matters more than the rate
Here's something I see often: borrowers get laser-focused on interest rates—which matters—but overlook what actually hits their bank account each month. Two loans at different rates can have very different payments depending on the loan term, down payment, and loan type you choose. A longer loan term lowers your monthly cost but costs more over time. A shorter term does the opposite. Neither is automatically "right." What matters is finding the balance that lets you afford your home comfortably while building equity at a pace you're comfortable with. If you're shopping for a home or thinking about refinancing, I'd love to walk through what your real options look like—not just today's rates, but the actual monthly picture.
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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 Eddie Gamez team any time and we'll walk you through your options. |
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915-706-0950
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