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Mortgage Market Update
Kevin Burrus
Kevin Burrus
Tuesday, November 3, 2026
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How much equity are you sitting on? |
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One of the best-kept secrets about homeownership is how quietly your wealth builds over time. I wanted to walk through how that actually works.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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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Equity Building
When your home starts working for you
Every mortgage payment you make does two things: one part covers interest and fees, the other goes straight toward building equity in your home. Over time, that equity piece grows—and it can become a real asset you can tap into if life throws you a curveball. The faster rates move or the sooner you can pay down principal, the quicker that wealth builds. Understanding how much equity you're building each month helps you see your mortgage as more than just a monthly bill—it's an investment in yourself. If you've been in your home for a while, you might be surprised at how much equity you've already accumulated. I'd be happy to run the numbers and show you exactly where you stand. Let's take a look at your equity position and talk about what options it opens up for you.
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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 Kevin Burrus team any time and we'll walk you through your options. |
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