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Mortgage Market Update
My Mortgage Company
Old- Sheila Garcia
Tuesday, November 3, 2026
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You're building more wealth than you think |
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I work with homeowners at every stage of their journey. This week, I want to remind you of something powerful that happens quietly every 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 mortgage payment is building wealth every month
Here's something I see homeowners overlook: every payment you make isn't just keeping a roof over your head—it's building equity in an asset you own. Unlike rent, which disappears, a portion of your payment goes directly toward ownership. That equity can matter later, whether you need to tap into it for a big expense, want to make improvements, or decide to move. The longer you stay in your home, the more this compounds. If you've been in your place for a few years, you might be surprised how much equity you've already built. It's worth understanding what you have and how you could use it. Let's review your equity position and talk about what options might make sense for your situation.
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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
Old- Sheila Garcia
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