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Mortgage Market Update
My Mortgage Company
Bryan Canar
Tuesday, November 3, 2026
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Your interest rate explained |
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Hi there. This week I want to talk about something fundamental that sometimes gets glossed over in the mortgage process.
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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 interest rate matters more than you think
Your interest rate isn't just a number—it shapes your entire loan. It determines your monthly payment, how much total interest you'll pay over the life of the loan, and even which loan programs you qualify for. Small rate differences can add up to real money over 15, 20, or 30 years. That's why I always encourage people to understand their rate and ask questions about it. If you've never seen a clear breakdown of how your rate affects your specific situation, or if you're wondering whether your current rate still makes sense, that's worth a conversation. I'm here to walk you through it. Let's talk about what your rate means for your goals.
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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
Bryan Canar
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