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Mortgage Market Update
My Mortgage Company
Rafael Martinez
Tuesday, November 3, 2026
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What changing rates mean for your mortgage |
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Hi there—this week I want to talk about something that touches everyone with a mortgage: rate movement and what it might mean for you.
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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 Movement
When rates drop, your options change
Rate changes affect more than just new borrowers—they can open doors for people already in a mortgage too. When rates move, the math on refinancing shifts. A loan that didn't make sense last month might pencil out this month. The same goes for adjustable-rate mortgages: as the landscape changes, it's worth asking whether your current loan still fits your situation. I'm not saying you should rush into anything, but I am saying it's worth a conversation. Rates are always moving, and your financial picture deserves to move with them. If you're curious whether a change makes sense for you, I'd love to take a look. Let's chat about whether your loan still works 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
Rafael Martinez
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