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Mortgage Market Update
My Mortgage Company
Brett Stratton
Tuesday, November 3, 2026
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Your budget and interest rates are connected |
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Hi there. I want to walk you through something borrowers often overlook: how rate changes reshape what you can actually afford.
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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 Check
How rate changes affect what you can afford
When interest rates move, your monthly payment moves with them—but here's what matters more: your actual purchasing power. A rate increase can mean the same loan amount now costs more each month, which affects how much home you can afford within your budget. The flip side is true too: when rates fall, that same budget stretches further. Understanding this relationship helps you make smarter decisions whether you're buying, refinancing, or just wondering if now is a good time to move. I'm happy to run the numbers with you and show what your specific situation looks like. Let me show you how today's rates affect your affordability—reach out anytime.
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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
Brett Stratton
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