Mike Edwards · November 3, 2026

Your budget might have shifted

Mortgage Market Update

Mike Edwards

Mike Edwards

Tuesday, November 3, 2026

Your budget might have shifted

Hi there. Every few months, I like to remind borrowers and buyers that affordability isn't a one-time calculation—it moves with your life.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

Rate trend

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.


Affordability Check

What your budget really looks like right now

A lot of people think their budget is locked in stone, but it shifts when rates change, when your income grows, or when you've paid down debt. If you bought a few years ago, you might actually qualify for more house today—or if you're looking to buy soon, a small change in your financial picture could open up new options. The reverse is true too: life happens, and sometimes what you could afford last year doesn't work this year, and that's okay to acknowledge. The point is, your buying power isn't static. It's worth a conversation every so often to see where you actually stand, especially if anything in your world has changed.

Let's talk through your numbers and see what's realistic for you right now.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.

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.

2.

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.

3.

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.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Mike Edwards team any time and we'll walk you through your options.

Your Mortgage Advisor

M

Mike Edwards

Mike Edwards

mike.edwards@onerealmortgage.com

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