Mortgage Market Update

My Mortgage Company

Shelly Molina

Tuesday, November 3, 2026

Why your credit card balance matters for your mortgage

One of the most overlooked factors in mortgage approval isn't your home—it's how you manage everything else. Let me explain what lenders actually look at.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Debt & Borrowing

Your credit score and your mortgage rate are connected

Here's something I see surprise people: the way you manage debt outside your mortgage — credit cards, car loans, student loans — directly affects the interest rate you'll qualify for on a home loan. Lenders look at your whole financial picture, not just your down payment or income. If you're carrying high balances or missing payments elsewhere, it shows up as risk to us, and risk costs money in the form of a higher rate. The good news is this is fixable. Paying down existing debt, keeping credit card balances low, and staying current on all payments can genuinely move the needle on your rate approval. If you're thinking about buying or refinancing soon, it's worth taking a few months to strengthen this part of your profile.

If you'd like to talk through your current situation and what might help before you apply, I'm here to walk you through it.

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 My Mortgage Company team any time and we'll walk you through your options.

Your Mortgage Advisor

My Mortgage Company

Shelly Molina

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