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Mortgage Market Update
My Mortgage Company
Fully Scale
Friday, November 6, 2026
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When rates move, your budget moves too |
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Hi there—I wanted to touch base this week on something that affects everyone with a mortgage or thinking about one: how rate changes ripple through your finances.
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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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Affordability Check
When your payment climbs, here's what to consider
If rates have moved since you locked in your mortgage, or if you're watching the market shift, you might be wondering how changes affect what you can afford going forward. The truth is simple: when rates go up, monthly payments go up. When rates come down, payments can go down—but only if you act on it. The same goes for your home value and equity; as your home appreciates, your borrowing power can change too. Whether you're thinking about a future purchase, a home improvement project, or just want to understand where you stand, it's worth checking in on how today's conditions actually impact your specific situation. Let's talk about what your options look like right now.
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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
Fully Scale
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