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Mortgage Market Update
My Mortgage Company
Carlos Scarpero
Tuesday, November 3, 2026
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Your mortgage is doing more than you think |
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Every month, homeowners build wealth they sometimes don't even realize. Here's how it works and why it matters.
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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 mortgage payments are actually doing
Every payment you make builds equity—that's the difference between what your home is worth and what you still owe. Early on, most of your payment goes toward interest, which can feel discouraging. But as time passes, more of each payment chips away at your principal balance. This is one of the biggest wealth-building tools available to homeowners, and it happens automatically. If you've owned your home for a few years, you may be surprised how much equity you've accumulated. Knowing this can help you make smarter decisions down the road, whether that's refinancing, using a home equity line, or simply understanding your financial progress. Let's talk about how much equity you might have built—it could open up some useful options 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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