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Tuesday, November 3, 2026 |
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Mortgage Market Update
Why your payment went up (and it might not be rates)
Hi there. One of the most common questions I get is about unexpected changes to a monthly mortgage payment. Let me clear up what's usually happening.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13% 30-day Range: 7.13%–7.46%
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Conventional 15-Year
6.58% 30-day Range: 6.47%–6.81%
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FHA 30-Year
6.96% 30-day Range: 6.96%–7.21%
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VA 30-Year
6.76% 30-day Range: 6.76%–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 monthly payment might change even if rates don't
Most people think their mortgage payment stays locked in forever — and for the principal and interest portion, it does. But if you have an escrow account (where your lender collects money for taxes and insurance), that payment can shift over time. Property taxes and homeowners insurance can go up, which means your monthly bill goes up too, even though your rate hasn't budged. It's not a surprise if you understand it's coming. I always recommend reviewing your escrow statement once a year so you know what's actually funding and what to expect. If changes feel steep, we can talk through your options.
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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 James J Tyrrell III team any time and we'll walk you through your options.
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(954) 695-5801
Coast2Coast Mortgage LLC · Unsubscribe
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