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Mortgage Market Update
My Mortgage Company
Danielle H Fahy
Friday, November 6, 2026
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Does a rate drop actually help your payment? |
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Every time rates move, I hear the same question: should I wait? Here's what's really happening to your monthly bill.
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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 change
A lot of people ask me whether they should wait for rates to drop before buying or refinancing. The honest answer is that rate movements have a real but often misunderstood impact on your monthly payment. When rates go up, your payment goes up on a new loan or refi—but the relationship isn't one-to-one, and it depends on loan term, down payment, and the size of your loan. When rates fall, the opposite happens. The key insight: small rate shifts can mean real monthly differences, but they're not usually deal-breakers. Understanding how rates flow through to your actual payment helps you make a decision based on your full picture, not just what the headlines say. I'd love to walk you through the math on your specific situation. Reach out and we can model out what your payment might look like under different scenarios.
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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
Danielle H Fahy
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