Mortgage Market Update

Jessica Higgins

Tuesday, November 3, 2026

Where your mortgage payment actually goes

I talk to a lot of homeowners who think of their mortgage as pure expense. But there's more to the story.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Equity Building

The hidden wealth in your monthly payment

Every mortgage payment you make does two things: one part goes toward interest, and one part builds equity in your home. Early on, most of your payment covers interest, which can feel discouraging. But as time passes, that balance shifts—more of each payment goes straight into your pocket as home equity. Understanding this rhythm helps you see your mortgage not just as a debt, but as a forced savings plan. Some borrowers don't realize they can tap into this equity later through refinancing or a home equity line of credit, or that accelerating payments can speed up the process. The sooner you understand how your payments work, the sooner you can make smarter decisions about your home.

If you'd like to see a breakdown of how your payments are split, I'm happy to walk you through it.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Jessica Higgins team any time and we'll walk you through your options.

Your Mortgage Advisor

Jessica Higgins

jhiggins@power-lending.com

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