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Mortgage Market Update
My Mortgage Company
American Mortgage
Tuesday, November 3, 2026
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Why mortgage rates matter to your payment |
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Hi there. This week I want to explain something that confuses a lot of people: how rates actually affect what you pay each month.
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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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Mortgage Basics
What happens to your payment when rates change
When mortgage rates move, it affects borrowers in different ways depending on where you are in your loan. If you have a fixed-rate mortgage, your payment stays the same—rate changes don't touch it. But if you're shopping for a home or thinking about refinancing, rate movements directly change what your monthly payment would be. Even small rate shifts can add up over time, which is why it helps to understand how rates and payments connect. That way, when you're making a big decision about borrowing or refinancing, you know exactly what you're looking at. Let's walk through the numbers together—reach out anytime to talk about your situation.
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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
American Mortgage
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