Mortgage Market Update

Timothy Dial

Saturday, October 31, 2026

Where your mortgage payment actually goes

Hi there—I wanted to touch on something that comes up a lot in conversations with borrowers: what actually happens to the money you send in each month.

National Mortgage Rates · October 29, 2026

Conventional 30-Year

7.15%

FHA 30-Year

7.04%

VA 30-Year

6.79%

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

How your mortgage payments work for you

Every payment you make builds equity in your home—that's the difference between what your house is worth and what you owe. Early on, most of your payment goes toward interest, but over time, more and more goes straight to principal, which means real ownership stake accumulating month after month.

Understanding this matters because equity is there when you need it. Whether you're thinking years ahead about your next move or just want to know where your money is going, knowing how equity grows helps you make smarter decisions about your loan. I'm happy to walk you through the numbers on your specific situation.

Reach out if you'd like to talk through your equity position or explore what it means for your financial goals.

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 Timothy Dial team any time and we'll walk you through your options.

Your Mortgage Advisor

Timothy Dial

tdial@nexamortgage.com

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