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Mortgage Market Update
My Mortgage Company
Silvia McGeary with Unity Mortgage, LLC
Tuesday, November 3, 2026
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Your home equity could work harder for you |
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One of the best parts of homeownership happens quietly—every month you're building wealth. I wanted to share how that works and when it might be worth a conversation.
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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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Home Equity
Building wealth while you pay your mortgage
Every payment you make builds equity in your home—the difference between what your house is worth and what you still owe. Over time, that grows into real wealth. Some borrowers don't realize they can tap into that equity through a refinance or a home equity line of credit when life happens: a major repair, a child's education, consolidating debt, or funding a home improvement that adds value. The key is understanding what equity you have, what it costs to access it, and whether it makes sense for your goals right now. If you've owned your home for a while, there's a good chance you have more equity than you think. Let's talk about what equity you've built and whether it makes sense to use it.
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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
Silvia McGeary with Unity Mortgage, LLC
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