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Mortgage Market Update
My Mortgage Company
Christian Best
Tuesday, November 3, 2026
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What's really in your mortgage payment |
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Hi there. This week I want to clear up something I see confuse homeowners all the time.
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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
Why your monthly payment isn't just about interest
A lot of people think their mortgage payment goes straight to paying down their home. The truth is a bit more complex—and understanding it helps you make smarter money moves. Early in your loan, most of each payment covers interest; principal (the actual loan balance) builds more slowly. Property taxes, insurance, and PMI if you have it, all get rolled in too. It's not complicated stuff, but it matters. When you know how your payment breaks down, you understand where you stand faster, and you can spot real opportunities to accelerate equity or refinance when it makes sense for your situation. I'm happy to walk you through your specific numbers anytime.
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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
Christian Best
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