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Mortgage Market Update
My Mortgage Company
Kevin Francis
Friday, November 6, 2026
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What your mortgage payment really covers |
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Every dollar of your monthly payment has a job. Here's how to tell the difference—and why it matters.
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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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Smart Money Habits
What your mortgage payment really tells you
Your monthly payment is more than just a number—it's a window into your financial health. That payment comes from your paycheck, which means it's worth understanding what portion goes toward principal (building your equity), what goes toward interest (the cost of borrowing), and what covers taxes and insurance. When you know this breakdown, you can spot opportunities: maybe refinancing makes sense if rates drop, or maybe you have more room in your budget than you thought. Knowing these details also helps you plan ahead for life changes. If you'd like a clear picture of where your payment actually goes, I'm happy to walk through it with you. Reach out anytime you want to understand your numbers better.
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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
Kevin Francis
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