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Mortgage Market Update
Martha Keeter
Martha Keeter
Friday, November 6, 2026
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Your payment and rate changes, explained |
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A lot of borrowers ask me how rates affect their monthly payment. It's a great question, and worth understanding clearly.
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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 monthly payment when rates change
If you've been watching rates move, you might wonder how that affects what you actually pay each month. Here's the straightforward answer: when rates go up, your monthly payment goes up (assuming the same loan amount and term). When rates go down, your payment goes down. It's one of the most direct ways rate changes touch your wallet. This matters whether you're thinking about buying soon, considering a refinance, or just trying to understand your current mortgage better. The relationship between rates and payments is why timing can matter—but it's also why having a clear picture of your finances right now is so important. Let's talk through what a rate move might mean for your specific situation. Reach out anytime you'd like to run the numbers on how current rates would 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 Martha Keeter team any time and we'll walk you through your options. |
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