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Mortgage Market Update
Nick Peterson
Saturday, October 31, 2026
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You've probably built more equity than you think |
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One of the things I love about helping homeowners is watching their wealth grow quietly in the background. Today I want to remind you about something that's been happening in your favor.
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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
Your home is working for you (even now)
Every mortgage payment you make builds equity—the difference between what your home is worth and what you still owe. That's wealth you're creating month after month, and it's one of the biggest financial reasons people choose to buy instead of rent. The longer you stay in your home, the faster equity usually builds. If your situation has changed since you bought—a promotion, inheritance, or just better cash flow—you might have enough equity to tap into for a major expense, a home improvement, or a strategic refinance. I can run the numbers and show you exactly where you stand and what options might make sense for you. If you're curious about your equity or considering what's possible with it, let's talk.
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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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