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Mortgage Market Update
My Mortgage Company
Danielle H Fahy
Friday, November 6, 2026
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Rate changes and what they mean for your budget |
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Rates move constantly, and when they do, it ripples through your mortgage math. Here's what homebuyers and owners 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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Affordability Check
Your payment changes when rates move—here's why
When mortgage rates shift, it affects what you can afford and what your payment looks like on a new loan or refinance. A higher rate means a steeper monthly payment on the same loan amount; a lower rate does the opposite. This matters whether you're shopping for a home, thinking about refinancing, or just curious about your financial flexibility. If rates have moved since you last checked in, your borrowing power and payment options may have shifted too. Understanding that connection helps you make clearer decisions about timing and your budget. I'm happy to walk through what a rate change means for your specific situation. Reach out and let's talk about where rates stand and what they mean for you.
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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
Danielle H Fahy
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