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Mortgage Market Update
Gavin Lomas
Gavin Lomas
Saturday, October 31, 2026
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Do you know how much equity you have? |
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Hi there. This week I want to talk about something that often gets overlooked: the equity sitting in your home and why it matters more than you might think.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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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 Basics
What your home equity means for your money
Home equity is the difference between what your home is worth and what you still owe on your mortgage. As you make monthly payments, that gap grows—and so does your financial flexibility. The more equity you build, the more options open up: you might refinance to a better rate, tap into that equity for a large expense, or simply feel more secure knowing you're building real wealth. If you've owned your home for a while or rates have shifted since you bought, your equity story may have changed significantly. Understanding where you stand isn't just about numbers—it's about knowing what's actually possible for your situation. If you'd like to talk through what your equity means for you right now, I'd be happy to walk through it.
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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.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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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.
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2.
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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.
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3.
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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.
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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 Gavin Lomas team any time and we'll walk you through your options. |
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