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Mortgage Market Update
My Mortgage Company
Ron Gardiner
Friday, November 6, 2026
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Your budget and rates are more connected than you think |
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Hi there. This week I want to walk you through something important that borrowers don't always think about upfront: the hidden link between interest rates and what you can actually afford.
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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 Shifts
How your payment breathing room changes
When mortgage rates move, it's easy to focus on the interest rate itself—but what actually matters to your household is how that shift affects your monthly payment and what you can afford. A small rate change can swing your monthly costs noticeably, which means the home price you can comfortably carry shifts too. The reverse is also true: if rates move in your favor, your same budget might now reach a higher-priced home, or lock in a lower payment on the one you want. Understanding this relationship helps you make smarter decisions about timing, whether you're buying soon or thinking ahead. I'm here to walk through how current rate movement translates into real numbers for your situation. Let's talk through what a rate change means for your specific budget—reach out anytime.
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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
Ron Gardiner
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