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Mortgage Market Update
My Mortgage Company
Errol Fenty — Errol Fenty
Saturday, October 31, 2026
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Your home is building equity every month |
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One of the best parts of owning a home is what happens quietly in the background: you're building equity with every payment. Here's why that matters and how to think about 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
Your home is quietly working for you
Every mortgage payment you make builds equity—that's the portion of your home's value you actually own. It's different from just paying rent, where your money goes out the door. As you pay down your loan balance over time, you're building real wealth in an asset you control. This matters because equity can become a tool later: it's what lets you refinance into better terms, tap into funds for major expenses, or simply walk away from your mortgage with money in your pocket one day. The longer you own, the more this compounds. If you're curious about how much equity you might have now, or how your current loan is building it, I'd love to walk you through it. Let's talk about what your equity position looks like today.
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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 My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Errol Fenty — Errol Fenty
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