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Mortgage Market Update
My Mortgage Company
Eric Smart
Tuesday, November 3, 2026
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Mortgage feeling tight lately? |
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Sometimes the best time to adjust your loan isn't when rates drop—it's when your life does. Here's what I'm seeing this week.
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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
When your payment becomes a stretch
Life changes fast. A job transition, medical event, or shift in family needs can turn a comfortable mortgage payment into a real burden—even if nothing changed with your loan. If you're feeling the squeeze, you have options worth exploring. A loan modification, refinance to a longer term, or even a rate-and-term adjustment might ease the pressure. The key is not waiting until you're behind. Reaching out early gives us room to work with your lender and find a path that fits your situation now, not the situation you were in when you borrowed. Let's talk about what your payment should look like today.
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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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