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Mortgage Market Update
My Mortgage Company
Michael Fahey
Tuesday, November 3, 2026
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Do you know how much equity you have? |
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Home ownership isn't just about having a place to live—it's also about building real financial value over time. This week, I want to help you understand one of your most valuable assets.
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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 Check
What your home is worth to your finances
If you've owned your home for a while, you've likely built equity—the difference between what your home is worth and what you still owe. That equity can be powerful. Some homeowners use it to fund major expenses, consolidate debt, or invest in improvements that add more value. Others simply watch it grow as part of their long-term wealth building. The tricky part is knowing what you actually have. Home values shift, and so does your loan balance as you make payments. Understanding your equity position is the first step to making smart decisions about your money. Whether you're thinking about tapping into it or just want to know where you stand, I'm here to help you get clear on the numbers. 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
Michael Fahey
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