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Mortgage Market Update
My Mortgage Company
Jeff McCarthy
Tuesday, November 3, 2026
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Your mortgage is building wealth right now |
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I'm sharing something I think gets overlooked when people focus only on their monthly payment. Here's what I mean.
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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
How your monthly payment builds wealth
Every mortgage payment you make does two things: it covers interest and reduces what you owe. That second part—principal paydown—is real equity growing in your home. Early on, more of your payment goes to interest; over time, the balance shifts and principal grows faster. This is why staying in a home matters. Even modest principal reduction compounds into serious wealth over years. If you've owned your home for a while, you might have more equity than you realize. That equity can become a tool later—for home improvements, a life event, or financial breathing room. Want to know what your current equity position looks like? Let's talk through it. Reach out anytime you'd like to review your loan or explore what your equity could do 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 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
Jeff McCarthy
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