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Mortgage Market Update
Damara Cohn
Damara Cohn
Thursday, October 22, 2026
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How much equity do you have now? |
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Hi there. This week I want to touch on something that quietly happens every single month you own a home.
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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 Building
Your home is working for you—here's how
Every mortgage payment you make builds equity in your home. It's one of those quiet wins of homeownership that doesn't get enough attention. As you pay down your loan balance month after month, you're building real wealth—and that equity can become a tool later on, whether you need to refinance, take out a home equity line, or simply know you're building toward owning your home outright. If you've owned your home for a few years, you may have more equity than you realize. Understanding what you've built can help you make smarter decisions down the road. I'd love to help you get a clear picture of where you stand. Let's talk about your equity and what options it opens up 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 Damara Cohn team any time and we'll walk you through your options. |
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