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Mortgage Market Update
My Mortgage Company
Barrett Processing
Tuesday, November 3, 2026
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Why your mortgage payment went up |
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Life with a mortgage means your payment isn't always the same from month to month. Here's what you need to know.
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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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Payment Planning
When your mortgage payment climbs
If you have an adjustable-rate mortgage or your property taxes and insurance recently jumped, you may have noticed your monthly payment go up. That's real money out of your budget, and it's worth understanding where it's going. Your payment has a few moving parts—principal, interest, taxes, insurance, and possibly mortgage insurance—and any one of them can shift over time. Knowing which piece changed and by how much helps you plan ahead and spot opportunities to adjust your strategy. If payment creep is squeezing your finances, there are steps we can explore together, from refinancing to adjusting your escrow. Let's talk about what's happening with your loan and what options might work for your situation. Reach out if you'd like to review your current payment and discuss ways to manage it.
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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
Barrett Processing
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