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Mortgage Market Update
My Mortgage Company
Ken Schmidt
Tuesday, November 3, 2026
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Your income changed. Your mortgage doesn't have to. |
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Hi there. Money moves happen—and they can change what you need from your home 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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Affordability Check
When your income changes, your mortgage math does too
Life happens. A raise, a job change, a second income, a reduction in hours—any shift in what you bring home affects what you can comfortably afford on a mortgage. The good news is you don't have to live with a payment that no longer fits your budget. If your income has grown since you bought, you might be in a stronger position than you think. If it's tightened, there are options worth exploring. Either way, it's worth a conversation. I can help you understand where you stand and what moves might make sense for your situation. Let's talk about whether your current mortgage 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
Ken Schmidt
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