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Mortgage Market Update
My Mortgage Company
Michael Pennington
Tuesday, November 3, 2026
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When rates move, here's what changes |
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Each week I see borrowers surprised by how much a rate shift affects their options. I want to help you stay ahead of it.
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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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Rate Movement
When rates shift, your options change too
Interest rates don't stay still for long, and even small moves matter to your wallet. When rates go up, refinancing becomes less attractive—but buying might open new doors if you've been waiting. When rates drop, that's often a signal to revisit whether a refinance makes sense. The key is understanding how these shifts affect what you can afford, what your payment might look like, and whether your current loan still serves you well. I check rates constantly so I can spot these moments and let you know when something worth exploring shows up. If you've been on the fence about your mortgage, a conversation about where rates are today might be exactly what you need. Let's talk through what a rate move means for your specific situation.
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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
Michael Pennington
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