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Mortgage Market Update
Amy Velsh
Amy Velsh
Tuesday, November 3, 2026
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Paying off debt? Your mortgage options may have opened up |
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Hi there. This week I want to talk about something lenders measure closely, but most borrowers don't think about until it's too late.
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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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Debt-to-Income Ratio
Your debt load shapes what you can borrow
Most people focus on interest rates when they're thinking about a mortgage, but lenders care just as much about your debt-to-income ratio — basically, how much you owe every month compared to what you earn. The higher your existing debts (car loans, credit cards, student loans), the less room a lender will give you to take on a mortgage payment. The good news: if you've paid down some debt since you last looked at refinancing or buying, your borrowing power may have quietly improved. Even small wins — paying off a car loan or credit card — can open up options you didn't have before. It's worth taking a fresh look at where you stand, especially if your financial situation has shifted. Let's talk about what your current debts mean for your borrowing power.
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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 Amy Velsh team any time and we'll walk you through your options. |
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