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Mortgage Market Update
My Mortgage Company
Nicola Josephine McCloskey-Kieff
Tuesday, November 3, 2026
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Your credit score and your mortgage rate |
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Hi there. I want to share something that catches a lot of people by surprise when they're shopping for a home or a new loan.
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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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Paying Down Debt
Why your credit score matters more than you think
Your credit score isn't just a number—it's one of the biggest factors that determines what mortgage rate you'll be offered. The better your score, the better your rate tends to be. That's why paying down existing debt, especially high-interest credit cards, can actually be one of the smartest moves you make before applying for a mortgage or refinancing an existing one. Even modest improvements to your score can make a real difference in your long-term costs. If you're thinking about buying soon or refinancing, I'd love to walk you through how your current credit profile stacks up and what moves might help you qualify for better terms. Let's talk about where you stand and what options make sense for you.
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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
Nicola Josephine McCloskey-Kieff
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