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Mortgage Market Update
My Mortgage Company
Cristi Hughes
Tuesday, November 3, 2026
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When rates move, here's what changes |
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Interest rates are always moving. Here's a clear look at what that means for your wallet.
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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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Payment Planning
What happens to your monthly payment when rates move
Interest rates don't stay still, and when they shift, it affects what you'll pay each month. If you're considering a mortgage or thinking about refinancing, it's worth understanding how rate changes ripple through your budget. A higher rate means a higher monthly payment on the same loan amount; a lower rate does the opposite. This is why timing and your personal financial picture matter so much. If you're locked into a fixed rate, your payment stays the same for the life of the loan—which is its own kind of security. The key is knowing what you can actually afford and making sure any option you're considering truly works for your situation. Let's talk about what rate environment makes sense for you right now.
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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
Cristi Hughes
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