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Mortgage Market Update
Johnathan Lee
Johnathan Lee
Tuesday, November 3, 2026
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What's your equity worth right now? |
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Most homeowners know their home is worth something, but many haven't thought carefully about how much of that value they actually own. Here's what you should know.
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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
You may have built more equity than you realize
Every mortgage payment you make builds equity—that's the portion of your home's value you actually own. Over time, as you pay down your loan balance and your home's value holds or grows, that equity grows too. The longer you've owned your home, the more you likely have sitting in it. Some borrowers are surprised to learn how much equity they've accumulated, especially if they haven't checked in a while. Knowing your equity position matters because it opens doors: you might refinance into better terms, tap that equity with a loan or line of credit if life happens, or simply understand your financial picture more clearly. It's worth a conversation to see where you stand. Let's talk about what your home equity means for your 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 Johnathan Lee team any time and we'll walk you through your options. |
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