Mortgage Market Update

My Mortgage Company

Pearl Cook | Edge Home Finance

Tuesday, November 3, 2026

When rates move, here's what changes for you

Hi there. Rates have been moving around lately, and I want to make sure you understand what that actually means for your mortgage and your options.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Payment Planning

What happens to your payment when rates change

If you're a homeowner with a fixed-rate mortgage, your payment stays the same no matter what happens in the market—that's the security of locking in your rate. But if rates move, it affects what your payment would be on a new loan, and it also changes how much buying power you have if you're shopping. When rates go up, the same home costs more to borrow for. When they come down, borrowing becomes easier. Understanding this helps you make smarter decisions about whether to refinance, buy now, or wait. The key is knowing your own situation: what rate you have, what your goals are, and how movement in the market actually touches your wallet.

If you'd like to talk through how current market conditions affect your next move, let me know.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Pearl Cook | Edge Home Finance

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