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Mortgage Market Update
Jessica Higgins
Jessica Higgins
Saturday, October 31, 2026
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What your down payment actually determines |
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Hi there — this week I want to clear up something I see confuse a lot of borrowers. Your down payment does a lot more heavy lifting 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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Loan Fundamentals
What your down payment really does
Your down payment is more than just the cash you bring to closing — it shapes nearly everything about your loan. A larger down payment can mean a lower monthly payment, better loan terms, and less interest paid over time. It also determines how much you need to borrow and whether you'll carry mortgage insurance. But here's what surprises many people: you don't need a massive down payment to get approved or to build real wealth through homeownership. Even a modest down payment gets you in the door, building equity from day one. The key is understanding how your specific situation works, because down payment strategy looks different for everyone. If you'd like to talk through what down payment makes sense for your goals, I'm here to walk you through it.
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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 Higgins team any time and we'll walk you through your options. |
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