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Mortgage Market Update
My Mortgage Company
Julia Davis
Tuesday, November 3, 2026
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Budget first, rates second |
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Hi there. This week I want to talk about something that doesn't get enough attention when people are shopping for a mortgage.
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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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Borrowing Power
Why your budget matters more than the rate
I talk to a lot of people who focus entirely on interest rates when they're shopping for a mortgage. That makes sense—rates do affect what you pay. But here's what I see trip up borrowers: they get so caught up in rate hunting that they skip the harder conversation about affordability. The real question isn't just "What's the lowest rate?" It's "What payment can I actually carry comfortably for the next 15 or 30 years?" That's where a clear budget comes in. When we sit down to talk about a loan, I always start by understanding your income, debts, and monthly obligations. That gives us the real picture of what you can afford—and it keeps you from stretching too far, even if rates look attractive. Let's talk through what makes sense for your situation. Reach out if you'd like to walk through your numbers together.
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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
Julia Davis
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