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Mortgage Market Update
My Mortgage Company
Mike McBride
Tuesday, November 3, 2026
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How much equity have you built so far? |
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Every month, your mortgage payment does two things: it pays your lender, and it builds your stake in your home. Here's what you should know about that second part.
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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
One of the best parts of owning a home is that each mortgage payment builds equity—the difference between what your home is worth and what you still owe. Over time, this adds up to real wealth. Some borrowers don't realize how much equity they've already built, especially if they've owned their place for several years. Knowing your equity matters because it can open doors down the road: you might refinance into better terms, tap that equity for a large project, or simply feel more confident about your financial position. The first step is understanding where you stand right now. Let's run the numbers on your home's equity and talk through what it means for your future.
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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
Mike McBride
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