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Mortgage Market Update
My Mortgage Company
Peter Denning
Tuesday, November 3, 2026
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When rates move, does your payment change? |
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Hi there. This week I'm breaking down one of the most common questions I hear: what actually happens to your mortgage payment if interest rates shift.
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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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Rate Environment
What happens to your payment when rates move
A lot of people ask me: if rates go up or down, does my monthly payment change? The answer depends on whether you have a fixed-rate or adjustable-rate loan. With a fixed rate, your payment stays locked in for the life of the loan—rate changes don't touch it. But if you're on an ARM or thinking about one, rate shifts will eventually affect what you pay each month. Understanding this difference helps you plan your budget and know what to expect down the road. Rates move for reasons outside any of our control, but knowing how they affect your specific loan type means no surprises. If you'd like to talk through how rate changes might affect your loan, I'm here to walk you through it.
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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
Peter Denning
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