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Mortgage Market Update
Susan Joy Boyer
Susan Joy Boyer
Tuesday, October 27, 2026
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Do you know how much equity you have? |
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Hi there—this week I want to walk you through something many homeowners overlook: the equity sitting in your home right now. It's worth understanding, even if you're not sure you'll use it.
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National Mortgage Rates · October 23, 2026
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Conventional 30-Year
7.23%
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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 Basics
Your home's equity is real money—here's how to use it
If you've been paying your mortgage for a while, or your home has appreciated, you likely have equity built up. That's the difference between what your home is worth and what you still owe. The nice part? You can tap into it without selling. A cash-out refinance lets you borrow against that equity and use the money for almost anything—home repairs, debt payoff, major purchases. Another option is a home equity line of credit, which works more like a credit card. Both have trade-offs in terms of rates, terms, and how long you're borrowing. The key is understanding what you actually have to work with and whether borrowing against it makes sense for your situation. If you'd like to know roughly how much equity you might have, I'm happy to run those numbers with you. Let's talk about what your equity could do for you.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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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 Susan Joy Boyer team any time and we'll walk you through your options. |
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