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Mortgage Market Update
My Mortgage Company
Stephanie Washington — Stephanie Washington
Tuesday, November 3, 2026
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Where your mortgage payment really goes |
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I talk with a lot of homeowners who don't realize how much equity they're already building—or how that changes over time. Let me explain what's actually happening with your payments each month.
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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
What your monthly payment is actually doing
Every mortgage payment you make does two things at once: some goes toward interest, and some builds equity in your home. Early on, that split feels lopsided—most of your payment covers interest. But as time passes, that ratio shifts. More of each payment goes straight into your pocket as home equity. Understanding this rhythm matters because it shapes how much wealth you're building and when refinancing or tapping that equity might make sense. The longer you stay in your home, the faster that equity growth accelerates. If you'd like to see how your specific loan breaks down, I'm happy to walk through it with 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
Stephanie Washington — Stephanie Washington
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