Mortgage Market Update

My Mortgage Company

Nicole Farmer

Tuesday, November 3, 2026

Your payment and interest rates: what's connected?

Hi—this week I'm addressing one of the most common questions I hear from clients: how does the mortgage market affect the payment you're making (or about to make)?

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Payment Impact

When rates move, here's what changes on your mortgage

A lot of borrowers ask me: if rates go up or down, does that affect my current loan? The short answer is—it depends on what kind of mortgage you have. If you locked in a fixed rate, your payment stays the same for the life of the loan, no matter what happens in the market. That's the security of fixed. But if you're considering a mortgage, or you have an adjustable-rate loan, rate movement directly impacts what you'll owe each month. Understanding this difference helps you make smarter choices about which loan type fits your situation. Whether you're buying, refinancing, or just curious about your options, I'm here to walk through the details with you.

Let me know if you'd like to talk through how rate changes might affect your specific situation.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Nicole Farmer

You are receiving this from Nicole Farmer. Unsubscribe