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Mortgage Market Update
Jody Canfield
Jody Canfield
Saturday, October 31, 2026
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How your monthly payment builds your wealth |
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Most homeowners know their mortgage payment covers interest and principal—but many don't realize just how powerful that equity growth becomes over time. Here's why it matters to your finances.
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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 mortgage is building wealth every month
Here's something worth celebrating: every payment you make builds equity in your home. That's the difference between what you owe and what your home is worth—and it's money that stays in your pocket. As you pay down your loan balance, your equity grows. Over time, that equity can become a valuable financial tool: you might tap it for home improvements, education, or other major expenses through a home equity line of credit or cash-out refinance. The longer you stay in your home, the more this works in your favor. Understanding your equity position is one of the smartest money moves you can make as a homeowner. I'd be happy to walk you through your equity and discuss your options whenever you're ready.
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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 Jody Canfield team any time and we'll walk you through your options. |
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