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Mortgage Market Update
Stephen Bellew
Stephen Bellew
Saturday, October 31, 2026
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One small change that saves you money long-term |
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Hi there,
Today I want to share something that can genuinely move the needle on your mortgage—without needing a rate drop or a refinance.
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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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Paying Down Faster
What happens when you pay extra toward your mortgage
One of the smartest moves a homeowner can make is paying a little extra toward principal each month. Even small additional payments chip away at what you owe, which means less interest over the life of your loan and a faster path to owning your home outright. The math works in your favor—every dollar you add to principal reduces both your balance and the total interest you'll pay. Of course, it only works if your budget allows for it. Before you commit to extra payments, make sure you're covering your other financial goals too. If you're curious whether this strategy makes sense for your situation, I'd love to walk through the numbers with you. Reach out if you'd like to talk through how extra payments could work in your plan.
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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 Stephen Bellew team any time and we'll walk you through your options. |
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