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Mortgage Market Update
Ruthy Taylor
Ruthy Taylor
Friday, November 6, 2026
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Your credit cards are costing you money |
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Hi there. This week I want to talk about something that surprises a lot of borrowers—how much their other debts affect their mortgage options.
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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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Debt & Borrowing
Your other debts matter more than you think
When you're ready to buy or refinance, I look at more than just your mortgage. Credit cards, car loans, student debt, and personal loans all factor into what you qualify for and what rate you'll get. It's called your debt-to-income ratio, and lenders use it to assess your overall financial health. The good news: you have more control over this number than you might realize. Paying down existing debt before applying for a mortgage—or even before we talk seriously about refinancing—can open doors to better terms and lower monthly payments. Even small reductions add up. If you've been thinking about tackling debt or wondering whether now's the right time to make a move on your home, let's walk through the real picture together. I'm happy to give you an honest look at where you stand.
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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 Ruthy Taylor team any time and we'll walk you through your options. |
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