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Mortgage Market Update
My Mortgage Company
Julia Davis
Friday, November 6, 2026
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Budget first, rates second |
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Hi there. This week I want to talk about something that doesn't get enough attention when people are shopping for a mortgage.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
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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Borrowing Power
Why your budget matters more than the rate
I talk to a lot of people who focus entirely on interest rates when they're shopping for a mortgage. That makes sense—rates do affect what you pay. But here's what I see trip up borrowers: they get so caught up in rate hunting that they skip the harder conversation about affordability. The real question isn't just "What's the lowest rate?" It's "What payment can I actually carry comfortably for the next 15 or 30 years?" That's where a clear budget comes in. When we sit down to talk about a loan, I always start by understanding your income, debts, and monthly obligations. That gives us the real picture of what you can afford—and it keeps you from stretching too far, even if rates look attractive. Let's talk through what makes sense for your situation. Reach out if you'd like to walk through your numbers together.
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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
Julia Davis
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