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Mortgage Market Update
My Mortgage Company
Pre-Fi
Friday, October 23, 2026
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What's your home actually worth right now? |
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Hi there. This week I want to talk about a resource a lot of homeowners forget they have.
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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 Check
Your home's equity might be worth more than you think
If you bought a few years ago or made improvements to your home, there's a good chance you've built up equity—the difference between what your home is worth and what you still owe on it. That equity can be useful. Some homeowners tap into it through a cash-out refinance to fund renovations, pay down debt, or cover major expenses. Others use a home equity line of credit for flexibility. Even if you're not ready to use it, knowing what you have is smart financial planning. A quick conversation about your home's current value and what you owe can show you what options might actually be available to you—no pressure, just clarity. If you'd like to talk through what your equity position looks like, I'm here to help.
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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
Pre-Fi
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