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Mortgage Market Update
My Mortgage Company
Peter Spinella
Tuesday, November 3, 2026
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How much equity have you built? |
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Hi there. Every month, your mortgage payment does more than cover interest—it's building real wealth in your home. Here's why that matters to you.
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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—even when you're not thinking about it
Every payment you make builds equity in your home. It's one of the quietest wealth-builders out there, and it happens automatically. As you pay down your loan balance and your home holds or gains value, that equity grows—and it's yours to tap if you ever need it. Some borrowers forget they have this resource available. Whether you're thinking about a major home project, consolidating debt, or just want to know where you stand, understanding your equity position is smart money management. If you haven't checked your home's current value or calculated your equity in a while, now's a good time. I'm happy to give you a clear picture of what you've built so far. Let's talk about your equity and 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
Peter Spinella
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