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Mortgage Market Update
Emin Hakobian
Phast Funding
Friday, November 6, 2026
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Your payment isn't changing with rates |
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One of the most common questions I get is whether borrowers need to worry when rates move. Let me clear up what actually happens to your mortgage when the market shifts.
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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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Mortgage Basics
Why your mortgage payment stays the same (usually)
A lot of borrowers worry that when rates move, their payment will jump overnight. The good news: if you have a fixed-rate mortgage, your payment is locked in for the life of the loan. It doesn't budge when market rates change. That stability is one of the biggest reasons people choose fixed rates in the first place. What does move is the rate available to new borrowers or anyone refinancing. So when you hear rates are going up or down, that affects what someone buying or refinancing today can get—not what you're already paying. If you're curious whether your current loan still makes sense for your situation, I'm happy to walk through it with 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 Emin Hakobian team any time and we'll walk you through your options. |
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