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Mortgage Market Update
Nicholas do Carmo
Barrett Financial
Saturday, October 31, 2026
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Your credit score and your mortgage options |
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Hi there. This week I want to touch on something that comes up in almost every conversation I have with borrowers—credit, and why it matters more than most people realize.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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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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Mortgage Basics
Why your credit score matters to your mortgage
Your credit score is one of the first things lenders look at—and for good reason. It's a snapshot of how reliably you've managed borrowed money over time. A stronger credit score can open doors to better loan terms and options you might not otherwise qualify for. Even small differences in your score can shift what programs are available to you or how favorable your terms might be. If you're thinking about buying, refinancing, or just want to understand where you stand, knowing your score and what's driving it is a smart first step. I'm happy to walk you through what lenders see and what it means for your options. Let's talk about your credit profile and what it means for your next move.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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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 Nicholas do Carmo team any time and we'll walk you through your options. |
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