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Mortgage Market Update
Emin Hakobian
Phast Funding
Wednesday, November 4, 2026
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Your payment isn't changing with rates |
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One of the most common questions I get is whether borrowers need to worry when rates move. Let me clear up what actually happens to your mortgage when the market shifts.
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National Mortgage Rates · November 3, 2026
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Conventional 30-Year
7.17%
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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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Mortgage Basics
Why your mortgage payment stays the same (usually)
A lot of borrowers worry that when rates move, their payment will jump overnight. The good news: if you have a fixed-rate mortgage, your payment is locked in for the life of the loan. It doesn't budge when market rates change. That stability is one of the biggest reasons people choose fixed rates in the first place. What does move is the rate available to new borrowers or anyone refinancing. So when you hear rates are going up or down, that affects what someone buying or refinancing today can get—not what you're already paying. If you're curious whether your current loan still makes sense for your situation, I'm happy to walk through it with 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 Emin Hakobian team any time and we'll walk you through your options. |
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