Mike Edwards · November 6, 2026

Your budget might have shifted

Mortgage Market Update

Mike Edwards

Mike Edwards

Friday, November 6, 2026

Your budget might have shifted

Hi there. Every few months, I like to remind borrowers and buyers that affordability isn't a one-time calculation—it moves with your life.

National Mortgage Rates · November 5, 2026

Conventional 30-Year

7.18%

FHA 30-Year

6.90%

VA 30-Year

6.76%

Rate trend

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.


Affordability Check

What your budget really looks like right now

A lot of people think their budget is locked in stone, but it shifts when rates change, when your income grows, or when you've paid down debt. If you bought a few years ago, you might actually qualify for more house today—or if you're looking to buy soon, a small change in your financial picture could open up new options. The reverse is true too: life happens, and sometimes what you could afford last year doesn't work this year, and that's okay to acknowledge. The point is, your buying power isn't static. It's worth a conversation every so often to see where you actually stand, especially if anything in your world has changed.

Let's talk through your numbers and see what's realistic for you right now.

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.

Tips for Homeowners

Protecting Yourself from Mortgage Scams

1.

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.

2.

Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.

3.

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.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Mike Edwards team any time and we'll walk you through your options.

Your Mortgage Advisor

M

Mike Edwards

Mike Edwards

mike.edwards@onerealmortgage.com

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