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Mortgage Market Update
My Mortgage Company
Rosco Roger
Friday, November 6, 2026
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Why rate moves change what you qualify for |
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Rates move constantly, and most people know that affects their payment. But there's another side of that story that catches a lot of homeowners off guard.
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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 Reality
When your rate changes, so does what you can afford
A lot of people think refinancing is only about lowering your payment. But rate changes affect affordability in both directions. When rates drop, you may qualify for a larger loan or pull out cash. When rates rise, lenders tighten what they'll approve you for—even if your income and credit stay the same. Understanding this matters whether you're thinking about refinancing, buying a second property, or just wondering where you stand. The relationship between rates and your borrowing power isn't always obvious, but it's real and it affects your options. If you're curious what a rate shift means for your specific situation, I'd be happy to walk through it with 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
Rosco Roger
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