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Mortgage Market Update
My Mortgage Company
Jessica Angulo
Friday, November 6, 2026
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Rate drops—what changes for you |
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Rates move up and down all the time, and I get a lot of questions about what it means. This week I want to clear up the confusion.
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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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Rate Movement
When rates drop, here's what actually changes
A lot of people ask me what happens to their mortgage when rates move. The truth is simpler than you might think. If you have a fixed-rate loan, your payment stays the same—nothing changes on your existing mortgage. But a rate drop matters if you're thinking about refinancing, or if you're shopping for a new loan. Lower rates can mean a lower payment on a new loan, or the ability to borrow more for the same monthly cost. For those still renting or in the market to buy, it shifts what you can afford. The key is understanding your own situation: Are you happy where you are? Could a move make sense for your goals? That's where a conversation helps. Let's talk about whether a rate change affects your next move.
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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
Jessica Angulo
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