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Mortgage Market Update
My Mortgage Company
Providence Bridge Fund
Tuesday, November 3, 2026
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When rates move, your payment moves too |
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Rates have been moving around lately, and I know that can feel unsettling. Here's what's actually happening to your monthly costs.
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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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Monthly Budget
What changes when your rate moves
When mortgage rates shift — even by a small amount — your monthly payment can move quite a bit. A rate increase means a higher payment on a new loan or refinance; a rate decrease can lower it. The tricky part is that your payment isn't just about the rate. It also depends on how much you're borrowing, how long your loan is, and what you already owe. If you're thinking about refinancing or buying, it's worth sitting down and running the real numbers so you know what to expect. There's no guessing required here — I can walk you through exactly how a rate change would affect your specific situation. Let's look at your numbers and see what makes sense 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
Providence Bridge Fund
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