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Mortgage Market Update
James S Boggs
James S Boggs
Tuesday, November 3, 2026
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Where your interest rate actually matters most |
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I get asked a lot about interest rates, but most borrowers only focus on one thing: the monthly payment. There's more to 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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Mortgage Basics
What your interest rate actually controls
Your interest rate is one number, but it drives two very different things—and understanding the difference changes how you think about your loan. The rate determines your monthly payment, yes. But it also determines how much of each payment goes toward principal versus interest. A lower rate means more of your money builds equity faster. A higher rate means you're paying more interest overall, even if the monthly payment feels manageable. This matters whether you're buying, refinancing, or just trying to understand where your money goes. If you've ever wondered why your early payments feel like they're barely chipping away at what you owe, your rate is a big part of that story.
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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 James S Boggs team any time and we'll walk you through your options. |
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2701 East Insight Way, Suite 150, Chandler, AZ 85286
210-378-5189 | https://www.barrettfinancial.com/jboggs
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