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Mortgage Market Update
My Mortgage Company
Len Padilla
Wednesday, November 4, 2026
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What's your home actually worth right now? |
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Each week I share something I'm seeing in conversations with clients—real questions that come up, and what's worth thinking about.
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National Mortgage Rates · November 3, 2026
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Conventional 30-Year
7.17%
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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 Awareness
You might have more equity than you realize
If you've owned your home for a few years, you've likely built equity—either through monthly payments that chip away at your loan balance, or through your home's value going up, or both. That equity can be a powerful financial tool. Some people use it to refinance into better loan terms. Others tap it for home improvements, education, or major expenses through a home equity line or loan. The first step is understanding how much you actually have. If it's been a while since you looked at your home's current value and what you still owe, it might be worth a conversation. I can help you run the numbers and explore what options make sense for your situation. Let's talk about what your equity means for 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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Len Padilla
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