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Mortgage Market Update
Nicholas Bastianelli
Nicholas Bastianelli
Friday, November 6, 2026
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Why your mortgage payment might be higher than you think |
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Hi there. Every month, homeowners send in a payment, but not everyone understands what they're really paying for. Let me break it down.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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 monthly payment might change even if rates don't
A lot of people think their mortgage payment is locked in stone. The truth is a little more nuanced. While your interest rate and loan amount are fixed, other pieces of that monthly bill can shift—property taxes, homeowners insurance, and escrow amounts can all go up over time. Understanding what makes up your full payment helps you budget better and spot changes before they surprise you. If you've noticed your payment creeping up, or you're curious what's actually in that bill each month, I'm happy to walk through it with you and show you exactly where every dollar goes. Let's sit down and review your mortgage statement together—I can explain what's happening with your payment.
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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 Nicholas Bastianelli team any time and we'll walk you through your options. |
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