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Mortgage Market Update
My Mortgage Company
Andrea Ransom
Tuesday, November 3, 2026
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Why your payment went up (and it wasn't rates) |
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Hi there—one of the most common questions I get this time of year is about rising monthly payments. I want to walk you through what's usually behind that increase.
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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 Math
When your payment changes without a rate move
Most people assume their mortgage payment only budges when interest rates shift. But there's another player in the game: your escrow account. This is where your lender holds money for property taxes and insurance on your behalf. When those costs rise—and they do, every year—your monthly payment goes up too, even if rates stay flat. It's not a surprise fee; it's just how homeownership works. The good news is understanding this ahead of time means no shock when your statement updates. If you've noticed a payment increase recently and rates haven't moved, this is almost certainly why. Let me know if you'd like to talk through what's happening with your payment or explore your options.
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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
Andrea Ransom
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