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Mortgage Market Update
My Mortgage Company
Future Mortgage (For Deletion)
Tuesday, November 3, 2026
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What's actually in your mortgage payment |
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Hi there. This week I want to walk through the components of a typical monthly mortgage bill—because knowing what you're paying for is the first step to paying smarter.
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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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Loan Costs
What actually goes into your monthly payment
When you see a mortgage payment quoted, it's easy to think that number is just principal and interest. In reality, your payment might include property taxes, homeowners insurance, and mortgage insurance—depending on your loan and down payment. Understanding what you're paying for each month helps you spot opportunities to reduce costs over time. For instance, once you've built enough equity, you may be able to eliminate mortgage insurance. Or if your taxes or insurance rates change, it's worth a conversation about what that means for your budget. I'm happy to break down exactly what's bundled into your payment and explore ways to keep more money in your pocket. Let's review your payment details and see if there's room to improve.
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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
Future Mortgage (For Deletion)
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