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Mortgage Market Update
My Mortgage Company
Goose Ritter Team
Tuesday, November 3, 2026
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You're building equity right now |
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Every payment you make on your mortgage is doing something important. Let me show you what that actually means for your financial picture.
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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 is working for you every month
Most homeowners don't think about it this way, but every mortgage payment you make builds equity—the difference between what your home is worth and what you owe. That equity is yours, and it grows over time. Some of you have built substantial equity already, which opens up real options: you could tap into it for home improvements, education, or other needs through a home equity line. Others are early in their payoff journey and might be curious how long it takes to build meaningful equity. Either way, understanding what you've already gained is eye-opening. The sooner you know your equity position, the sooner you can make informed decisions about what's next. Let's take a quick look at your current equity and talk through 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
Goose Ritter Team
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