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Mortgage Market Update
My Mortgage Company
Michael Pennington
Tuesday, November 3, 2026
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Why your payment might be different this week |
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When mortgage rates shift, borrowers sometimes wonder what it means for them. Let me break down the two most common scenarios.
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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 Reality
What happens to your payment when rates change
When mortgage rates move, it affects two different things depending on your situation. If you're shopping for a home, a rate shift changes what your monthly payment will be on the same loan amount—which can reshape what you can afford. If you already have a fixed-rate mortgage, your payment stays exactly the same no matter what rates do in the market. That stability is one of the real strengths of a fixed loan. Understanding this difference helps you make smarter decisions, whether you're buying, refinancing, or just keeping an eye on your current mortgage. I'm happy to walk through what rate movement means for your specific situation. Let's talk about how rates affect your numbers.
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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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