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Mortgage Market Update
My Mortgage Company
Michael Pennington
Friday, November 6, 2026
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Why your payment might be different this week |
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When mortgage rates shift, borrowers sometimes wonder what it means for them. Let me break down the two most common scenarios.
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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 Reality
What happens to your payment when rates change
When mortgage rates move, it affects two different things depending on your situation. If you're shopping for a home, a rate shift changes what your monthly payment will be on the same loan amount—which can reshape what you can afford. If you already have a fixed-rate mortgage, your payment stays exactly the same no matter what rates do in the market. That stability is one of the real strengths of a fixed loan. Understanding this difference helps you make smarter decisions, whether you're buying, refinancing, or just keeping an eye on your current mortgage. I'm happy to walk through what rate movement means for your specific situation. Let's talk about how rates affect your numbers.
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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
Michael Pennington
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