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Mortgage Market Update
Myrna Hernandez
Myrna Hernandez Venzor
Friday, November 6, 2026
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When rates move, does your payment change? |
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Hi there—this week I want to clear up a question I hear pretty often about how interest rates actually work.
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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 Planning
What happens to your payment when rates shift
A lot of people ask me whether they should worry when rates move up or down. The honest answer depends on what kind of mortgage you have. If you're locked into a fixed rate, your payment stays exactly the same—no surprises, no changes. But if you're considering a new loan or refinancing an existing one, rate movement does affect what your monthly payment would be. That's why it's worth understanding how even small rate changes ripple through your budget. Knowing this helps you make decisions that actually fit your life, not just chase the market. If you want to talk through what a rate move might mean for your specific situation, I'm here to walk through the numbers with you. Reach out anytime—I'm happy to explain how rates affect your payment.
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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 Myrna Hernandez team any time and we'll walk you through your options. |
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