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Mortgage Market Update
My Mortgage Company
Michael W Pehrson
Tuesday, November 3, 2026
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When rates move, your mortgage moves too |
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Hi there. Markets shift, rates adjust, and borrowers sometimes wonder what it all means for them. This week, let's talk about the real impact.
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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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Affordability Math
What changes when rates move
When interest rates shift, it affects more than just the cost of borrowing. A rate change impacts your monthly payment, how much house you can afford, and even the total amount you'll pay over the life of your loan. Understanding this relationship helps you make smarter decisions—whether you're buying now, thinking about refinancing, or just curious about your options. The good news is that rate movements aren't mysterious. They're predictable, and knowing how they work gives you real power in conversations about your mortgage. If you've wondered how a small rate change could affect your situation, I'd love to walk you through it. Reach out anytime—I'm happy to show you how rate movements affect your specific numbers.
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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
Michael W Pehrson
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