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Mortgage Market Update
My Mortgage Company
Armando Mungioli
Friday, November 6, 2026
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What higher rates mean for your budget |
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Rates have been shifting this week, and I know that can feel unsettling if you're thinking about a home purchase or refinance. Here's what's actually worth paying attention to.
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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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Affordability Check
When your payment goes up, here's what to know
If you've noticed mortgage rates climbing lately, you might be wondering how that affects your situation. The good news: if you already have a loan locked in, your payment stays the same. But if you're thinking about buying or refinancing soon, higher rates do mean monthly payments would be larger for the same loan amount. The flip side is that home prices don't always move in lockstep with rates, and your overall financial picture matters more than any single number. The real question is whether a home still makes sense for your budget and timeline right now. That's worth talking through—not to pressure you into anything, but to make sure you're making a choice that works for your life. Let's walk through what the current market means for your specific situation.
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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
Armando Mungioli
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