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Mortgage Market Update
Jody Canfield
Jody Canfield
Tuesday, November 3, 2026
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The small change that builds wealth faster |
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One of the smartest moves homeowners can make doesn't require a big change—just a deliberate one. Here's what I'm seeing work for clients like 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
Why paying extra on your mortgage matters
Every month, your payment chips away at what you owe. But here's what many homeowners miss: when you're early in your loan, most of that payment goes toward interest, not principal. That changes over time—but you can speed it up. Even small extra payments toward principal can shorten your loan by years and build equity much faster. The beauty is you stay in control. Whether it's an extra $50 or $200 per month, it all goes directly to reducing what you owe on your home. If you're curious whether this strategy makes sense for your specific situation—your loan term, your rate, your budget—I'd love to walk through it with you. Let's talk about whether paying extra could work for your goals.
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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 Jody Canfield team any time and we'll walk you through your options. |
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