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Mortgage Market Update
My Mortgage Company
Eric Smart
Tuesday, November 3, 2026
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Your mortgage payment won't budge |
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Hey there. This week I'm clearing up a common misconception about how interest rates and your mortgage payment actually work together.
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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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Mortgage Basics
Why your payment stays the same (even when rates move)
A lot of people assume that when interest rates go up or down, their monthly mortgage payment automatically changes. Here's the thing: if you have a fixed-rate mortgage, your payment is locked in for the life of your loan. Rates moving in the market won't touch what you owe each month. That's one of the biggest reasons people choose fixed-rate loans in the first place—predictability and peace of mind. Now, if you're thinking about refinancing into a new loan, or if you're shopping for your first mortgage, rates absolutely matter because they affect what your new payment would be. But your existing payment? That stays put. Understanding this distinction can help you make smarter decisions about whether refinancing makes sense for your situation. If you want to talk through how current rates might affect your options, I'm here to help.
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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
Eric Smart
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