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Mortgage Market Update
Rafi Hatamian
Phast Funding
Friday, November 6, 2026
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What a rate move means for your payment |
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Rates are always moving, and I get asked often how that affects what homeowners actually pay each month. Here's what you need to know.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
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 move
A lot of people ask me whether a rate change will affect their monthly payment. The answer depends on what kind of loan you have. If you're locked into a fixed rate, your payment stays the same for the life of the loan — that's the whole point of a fixed mortgage. But if you're thinking about refinancing, or if you're shopping for a new loan, a rate move does change what you'd pay each month. A higher rate means a higher payment on the same loan amount; a lower rate means a lower one. Understanding this helps you make smart decisions about whether it's worth refinancing, or whether waiting makes more sense. I'm always happy to run the numbers and show you exactly how a rate change would affect you. Let's talk through what a rate move might mean for your specific situation.
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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 Rafi Hatamian team any time and we'll walk you through your options. |
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(310) 849-1450
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