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Mortgage Market Update
My Mortgage Company
Nicole Farmer
Friday, November 6, 2026
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What happens to your payment when rates shift |
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Most homeowners think about rates only when they're shopping for a loan. But understanding how rate changes affect your mortgage—and which kind you actually have—matters even after you've signed.
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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 Impact
When rates move, here's what changes on your mortgage
I get asked this a lot: if interest rates go up or down, does my payment automatically shift? The answer depends on whether you have a fixed or adjustable loan. With a fixed rate, your payment stays the same for the life of the loan—that's the whole point of locking it in. With an adjustable rate, your payment can change when the rate adjusts, which means your monthly cost could go up. Understanding which you have, and when any adjustments might happen, keeps you from any surprises down the road. If you're unsure about your own loan or wondering what makes sense for your situation, I'm happy to walk through it with you. Let's talk about your loan and what rate environment means for your budget.
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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
Nicole Farmer
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