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Mortgage Market Update
Jessica Firmiano
Jessica Firmiano
Saturday, October 31, 2026
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Your finances may have changed more than your mortgage |
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Life rarely stays the same, and neither do your financial needs. This week, I want to talk about recognizing when it's time to revisit your mortgage—and how to know if a change could help.
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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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Affordability Check
When your budget shifts, your mortgage options might too
Life changes fast. A job change, new family member, unexpected expense, or just a shift in your priorities can all reshape what feels manageable in a monthly payment. The good news is that your mortgage doesn't have to stay locked in stone. If your situation has shifted since you bought or last refinanced, it's worth a conversation about what's available to you now. A different loan program, term length, or even a fresh look at your rate could open up room in your budget you didn't know was there. I'm here to help you understand what makes sense for where you are today, not where you were six months or two years ago.
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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 Jessica Firmiano team any time and we'll walk you through your options. |
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6 Wills Way, Piscataway, NJ 08854
(908) 656-3886 | https://petracephasinc.theradcrm.com/
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