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Mortgage Market Update
Andy Garretson
Andy Garretson
Tuesday, November 3, 2026
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How much equity have you actually built? |
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Hi there. I'm always amazed at how many homeowners don't realize how much wealth they've built into their homes over just a few years of payments.
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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 mortgage is working for you every month
One of the best parts of homeownership that doesn't get talked about enough: every payment you make builds equity. Unlike rent, which disappears, your mortgage payments go toward something you own. Over time, as you pay down the principal and your home holds or gains value, that equity grows—and you can tap into it if you ever need to. Whether you're thinking about a future project, consolidating debt, or just curious about where you stand, it's worth understanding what you've built so far. The best time to know your equity position is before you need it. Let me run the numbers on your equity and show you what options might be available.
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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 Andy Garretson team any time and we'll walk you through your options. |
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