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Mortgage Market Update
David Smith
David Smith
Friday, November 6, 2026
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Your payment is fixed, but rates aren't |
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Hi there. I wanted to clear up something I hear a lot of confusion about—the difference between what rates do and what your mortgage payment does.
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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
When mortgage rates shift—whether up or down—a lot of borrowers assume their monthly payment automatically changes. Here's what actually happens: if you have a fixed-rate mortgage, your payment stays locked in for the life of the loan. Rates moving won't touch it. What does change is the buying power of new borrowers and the refinancing picture for people like you. If rates drop, you may have an opportunity to refinance into a lower payment. If rates rise, you're protected by your existing rate. Understanding this difference helps you make smarter decisions about whether refinancing makes sense for your situation, or whether now is the time to lock in what you have. Let's talk about whether a rate move might open up new options for you.
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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 David Smith team any time and we'll walk you through your options. |
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