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Mortgage Market Update
Rafael Santos
Rafael Santos
Friday, November 6, 2026
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How rate changes affect what you can afford |
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Hello — I wanted to share something I talk about with clients all the time. Interest rates and your budget are more connected than you might think.
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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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Affordability & Rates
When rates drop, your buying power rises
Here's something worth watching: even small moves in interest rates can shift what you're able to afford. When rates go down, your monthly payment on the same loan amount goes down too — which means you could either keep your payment steady and borrow more, or borrow the same amount and free up cash each month. The reverse is true when rates rise. This is why I always tell people to think of rate changes not just as "good news" or "bad news," but as a real change in their options. If you're thinking about buying, refinancing, or just curious where you stand, a conversation about rates and what they mean for your specific situation can be really clarifying. I'm here to help you understand the real impact. Reach out and let's talk about what rate movement means for your next move.
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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 Rafael Santos team any time and we'll walk you through your options. |
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