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Mortgage Market Update
Ryan Leahy
Ryan Leahy
Saturday, October 31, 2026
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Where your monthly payment really goes |
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I often get asked what homeownership actually builds over time. Here's the real answer.
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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 payment builds wealth over time
One thing I love explaining to clients is this: every payment you make goes toward two things. Part covers interest, and part reduces what you owe—that's principal. Early on, more of your payment goes to interest. But as time goes on, that balance shifts, and more of each payment builds equity in your home. It's one of the reasons homeownership can be so powerful. You're building wealth with money you'd spend on housing anyway. If your situation has changed—maybe your income has grown, or you've been in your home longer than you thought—we can talk about whether accelerating that equity makes sense for you. I'm happy to show you a breakdown of where your payments go and discuss options that fit your goals.
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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 Ryan Leahy team any time and we'll walk you through your options. |
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