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Mortgage Market Update
My Mortgage Company
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Tuesday, November 3, 2026
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Your mortgage payment: what actually changes |
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One of the best parts of homeownership is knowing your mortgage payment won't blindside you. But it helps to know which pieces are truly locked in and which ones might 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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Payment Protection
Why your mortgage payment might change (and when it won't)
If you're on a fixed-rate mortgage, your principal and interest payment stays the same for the life of the loan—that's the security a fixed rate gives you. But homeowners are sometimes surprised to learn that property taxes, insurance, and HOA fees can shift over time, which may affect your total monthly payment. If you have an adjustable-rate mortgage, the rate itself can change after an initial period, which directly impacts what you owe each month. Understanding which parts of your payment are locked in and which ones can move helps you plan your budget with confidence and avoid surprises down the road. If you'd like to review your loan terms and understand exactly what's fixed in your situation, 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
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