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Mortgage Market Update
James Jones
James Jones
Tuesday, November 3, 2026
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When rates change, your budget does too |
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Hi there. Interest rates and monthly payments are closely tied—and it's worth understanding how that affects you as a buyer or homeowner.
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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 Trends
Why your buying power shifts when rates move
When interest rates change, your monthly payment does too—even if the home price stays the same. A higher rate means you can afford to borrow less for the same payment; a lower rate works the opposite way. It's one reason I encourage people to get pre-approved before house hunting. You'll know exactly what you can actually afford, and you won't waste time on homes outside your real range. If you're thinking about buying soon or wondering whether now is a good time to move forward, I'm happy to walk you through what your budget looks like today. Let's talk about what you can afford in today's market.
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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 James Jones team any time and we'll walk you through your options. |
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