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Mortgage Market Update
My Mortgage Company
Alex Rayner
Tuesday, November 3, 2026
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Why your payment didn't budge when rates moved |
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Hi there. Here's something that confuses a lot of borrowers, so let me clear it up this week.
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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
Why your payment stays the same (even when rates move)
One of the most common questions I hear is: 'If rates went up, why didn't my monthly payment change?' The answer is simple—it depends on what kind of mortgage you have. If you have a fixed-rate loan, your payment is locked in for the life of the loan, no matter what happens to rates in the market. That's the beauty of a fixed rate: predictability. But if you're on an adjustable-rate mortgage, or you're thinking about taking one out, it's worth understanding how rate changes could affect you down the road. Knowing the difference between these loan types helps you make a choice that actually fits your situation and your peace of mind. If you'd like to talk through which loan type makes sense for you, I'm here to walk you through it.
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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
Alex Rayner
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