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Mortgage Market Update
Tyler McNeilly
Tyler McNeilly
Thursday, October 22, 2026
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Do you know how much equity you have? |
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Hi there. Each week I share something I'm seeing in the market that might affect your wallet or your plans.
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National Mortgage Rates · October 20, 2026
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Conventional 30-Year
7.33%
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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 Check
Your home may be worth more than you think
If you've owned your home for a few years, or bought before rates climbed, there's a good chance you have equity built up—the difference between what your home is worth today and what you still owe on your mortgage. That equity isn't just on paper; it's a real financial asset you can tap into if you need it. Whether you're thinking about a renovation, consolidating debt, or covering an unexpected expense, a home equity loan or line of credit can be a smart way to use what you've already built. The first step is understanding how much equity you actually have. I'd love to help you figure that out and explore what options might make sense for your situation. Reach out and let's talk about what your home's 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 Tyler McNeilly team any time and we'll walk you through your options. |
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