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Mortgage Market Update
My Mortgage Company
Luigi De Angelis
Tuesday, November 3, 2026
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When should you lock in your rate? |
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One of the most common questions I hear is about rate locks—what they do, when to use them, and whether it's worth the worry. Let me clear that up.
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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
What actually happens when you lock your rate
A lot of borrowers ask me what 'locking in' a rate really means—and whether it's something they need to do right away. Here's the straightforward version: when you lock, you're telling your lender to hold that interest rate for you while your loan processes. It protects you if rates rise during underwriting and appraisal. The tradeoff is that most locks have an expiration date, usually 30 to 45 days out. If your closing gets delayed past that window, you may need to extend or accept a new rate. Locking too early can feel stressful; waiting too long can feel risky. The right timing depends on your timeline, your comfort level, and what's happening in the market that week. I'm happy to walk you through what makes sense for your situation. Let's talk through the timing and lock options that work best for you.
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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
Luigi De Angelis
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