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Mortgage Market Update
My Mortgage Company
Austen Smith
Tuesday, November 3, 2026
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Your home is building wealth for you |
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Hi there. One of the best parts of owning a home doesn't get talked about enough—the steady wealth you're building just by making your regular payment 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
Your home is working for you even when you're not
Every mortgage payment you make builds equity—the difference between what your home is worth and what you owe. This matters more than most people realize. As you pay down your loan balance over time, you're accumulating real wealth in your property. That equity can become a tool later: to tap into for major expenses, to refinance into better terms, or simply to own your home free and clear. The sooner you start, the more you build. If you're curious about how much equity you may have right now, or want to understand how your current loan is working toward that goal, I'd love to walk through it with you. Get in touch if you'd like to review your equity position or explore what it means for your financial picture.
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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
Austen Smith
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