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Mortgage Market Update
My Mortgage Company
Andrea Ransom
Friday, November 6, 2026
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Why your payment went up (and it wasn't rates) |
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Hi there—one of the most common questions I get this time of year is about rising monthly payments. I want to walk you through what's usually behind that increase.
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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 Math
When your payment changes without a rate move
Most people assume their mortgage payment only budges when interest rates shift. But there's another player in the game: your escrow account. This is where your lender holds money for property taxes and insurance on your behalf. When those costs rise—and they do, every year—your monthly payment goes up too, even if rates stay flat. It's not a surprise fee; it's just how homeownership works. The good news is understanding this ahead of time means no shock when your statement updates. If you've noticed a payment increase recently and rates haven't moved, this is almost certainly why. Let me know if you'd like to talk through what's happening with your payment or explore your options.
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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
Andrea Ransom
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