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Mortgage Market Update
Ruthy Taylor
Ruthy Taylor
Tuesday, November 3, 2026
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Your credit cards are costing you money |
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Hi there. This week I want to talk about something that surprises a lot of borrowers—how much their other debts affect their mortgage options.
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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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Debt & Borrowing
Your other debts matter more than you think
When you're ready to buy or refinance, I look at more than just your mortgage. Credit cards, car loans, student debt, and personal loans all factor into what you qualify for and what rate you'll get. It's called your debt-to-income ratio, and lenders use it to assess your overall financial health. The good news: you have more control over this number than you might realize. Paying down existing debt before applying for a mortgage—or even before we talk seriously about refinancing—can open doors to better terms and lower monthly payments. Even small reductions add up. If you've been thinking about tackling debt or wondering whether now's the right time to make a move on your home, let's walk through the real picture together. I'm happy to give you an honest look at where you stand.
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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 Ruthy Taylor team any time and we'll walk you through your options. |
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