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Mortgage Market Update
My Mortgage Company
Haymaker Home Loans
Friday, October 23, 2026
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Do you know how much equity you have? |
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Hi there. This week I'm talking about home equity—what it is, why it matters, and how it might help you reach a goal.
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National Mortgage Rates · October 21, 2026
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Conventional 30-Year
7.30%
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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 Questions
What your home equity can do for you
If you've owned your home for a few years, you've likely built up equity—the difference between what your home is worth and what you owe on the mortgage. That equity isn't just a number on paper. It can be a real tool when you need it: a home equity line of credit for renovations, debt consolidation, or life's unexpected costs. It can also lower your loan-to-value ratio if you refinance, potentially opening up better loan terms. The tricky part is knowing when and how to tap into it wisely. If you're curious whether your equity makes sense to use right now, I'd love to walk through your options and what the numbers might look like. No pressure—just clarity. Let's talk about what your equity could mean for your situation.
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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 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
Haymaker Home Loans
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