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Mortgage Market Update
My Mortgage Company
K. Frankie Larkins
Tuesday, November 3, 2026
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The wealth-building side of your mortgage |
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A lot of homeowners focus on their interest rate, but there's a bigger picture worth knowing about. Here's what's really happening with your monthly payment.
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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
How your monthly payment builds wealth
Every mortgage payment you make does two things: it covers interest to your lender, and it builds equity in your home. Early on, more of that payment goes toward interest. But as time passes, an increasing share goes straight into your pocket through equity growth. This is one of the most powerful reasons homeownership beats renting—you're building an asset with money you'd spend anyway. Understanding this can help you make smarter decisions about refinancing, additional payments, or tapping that equity later when you need it. The math works in your favor over time. I'd be happy to walk you through how your specific loan is building equity and what options that might open up 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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Your Mortgage Advisor
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My Mortgage Company
K. Frankie Larkins
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