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Mortgage Market Update
My Mortgage Company
Gene Griffin (MASTER)
Friday, November 6, 2026
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Why your payment changes (and what to do about it) |
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Interest rates get all the attention, but what really matters to your wallet is your monthly payment. Here's what you should know.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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 move
If you've been thinking about your mortgage lately, you've probably wondered how rate changes actually affect what you pay each month. Here's the straightforward version: when rates go up, your monthly payment goes up (if you're refinancing or buying new). When rates go down, your payment goes down. The relationship is direct, but the math depends on your loan term, how much you owe, and your specific situation. That's why two people with identical homes can have very different monthly costs. Understanding this connection helps you make smarter decisions about timing—whether refinancing makes sense, or whether waiting might work better for your budget. I'm here to walk you through the real numbers for your scenario. Let's talk about what your payment might look like—reach out anytime.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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
Gene Griffin (MASTER)
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