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Mortgage Market Update
My Mortgage Company
Brian Irby
Friday, November 6, 2026
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Your credit card debt might be costing you |
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I get asked a lot about what lenders care about when reviewing applications. One answer surprises a lot of people.
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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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Debt Management
Why your credit card balance matters to your mortgage
Here's something a lot of homeowners don't realize: the debt you carry outside your mortgage can affect whether you qualify for a refinance, a home equity loan, or even a second mortgage down the road. Lenders look at your total debt-to-income ratio, not just your mortgage payment. That means a high credit card balance—even if you pay it on time—can eat into your borrowing power. The good news is that paying down revolving debt (like credit cards) before you apply for a mortgage product can often improve your terms and options. It's one of those moves that takes time but pays off. If you're thinking about your next mortgage move, let's talk about where you stand today.
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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
Brian Irby
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