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Mortgage Market Update
Parry Ward
Parry Ward
Sunday, November 1, 2026
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Does your payment change when rates move? |
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Every month brings questions about rates and payments. Here's what you actually need to know about how they're connected.
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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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Rate Environment
What happens to your payment when rates shift
Interest rates don't stay still, and when they move, your monthly payment moves with them — but only if you have an adjustable-rate loan. If you're locked into a fixed rate, your payment stays the same for the life of your loan, no matter what happens in the market. That's one reason many borrowers choose fixed rates: predictability. But it's also worth understanding what type of rate you have, and how sensitive your loan is to rate changes. If you're curious whether your current loan structure still makes sense for your situation, or you're shopping for something new, I'd be happy to walk you through your options. Reach out anytime you'd like to review your loan terms and see what fits your financial goals.
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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 Parry Ward team any time and we'll walk you through your options. |
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