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Mortgage Market Update
My Mortgage Company
Michael Farrell
Tuesday, November 3, 2026
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How much equity have you built? |
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Hi there—this week I want to talk about something that quietly builds value for you month after month: home equity.
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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
Your home equity is working harder than you think
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 steady or appreciates, that equity grows. It's one of the most powerful wealth-building tools available to homeowners, and many people don't fully realize how much they've accumulated until they need it. Whether you're thinking about a major home project, consolidating debt, or just want to understand your financial picture better, knowing your equity position matters. If you've owned your home for a few years, you may have more equity than you realize. I'd love to help you understand what you're sitting on and what options might be available to you. Let's talk about your equity and what it could mean 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 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
Michael Farrell
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