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Mortgage Market Update
Nick Peterson
Saturday, October 31, 2026
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You're building equity every month—here's how |
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One of the best-kept secrets about homeownership is how quietly it builds wealth. I want to walk you through it.
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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 Building
How your mortgage builds wealth over time
Every payment you make goes toward two things: interest and principal. Early on, most of your payment covers interest—that's how lenders work. But as time passes, more of each payment chips away at what you actually owe. This is how homeownership builds equity, even if your home's value stays flat. That equity can become a real asset down the road, whether you tap it for a major expense or it's simply there when you sell. The longer you stay in your home, the more powerful this effect becomes. If you've been in your home a while and wonder what you've actually built up, I'd love to pull your numbers and show you. Reach out anytime—I can give you a clear picture of where you stand.
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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 Nick Peterson team any time and we'll walk you through your options. |
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