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Friday, November 6, 2026 |
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Mortgage Market Update
Why your payment went up (and it might not be rates)
Hi there. One of the most common questions I get is about unexpected changes to a monthly mortgage payment. Let me clear up what's usually happening.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18% 30-day Range: 7.18%–7.40%
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Conventional 15-Year
6.57% 30-day Range: 6.57%–6.73%
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FHA 30-Year
6.90% 30-day Range: 6.90%–7.21%
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VA 30-Year
6.76% 30-day Range: 6.76%–7.13%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr and 15-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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Mortgage Basics
Why your monthly payment might change even if rates don't
Most people think their mortgage payment stays locked in forever — and for the principal and interest portion, it does. But if you have an escrow account (where your lender collects money for taxes and insurance), that payment can shift over time. Property taxes and homeowners insurance can go up, which means your monthly bill goes up too, even though your rate hasn't budged. It's not a surprise if you understand it's coming. I always recommend reviewing your escrow statement once a year so you know what's actually funding and what to expect. If changes feel steep, we can talk through 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 James J Tyrrell III team any time and we'll walk you through your options.
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(954) 695-5801
Coast2Coast Mortgage LLC · Unsubscribe
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