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Mortgage Market Update
Michael Collins
Michael Collins
Thursday, October 29, 2026
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How much home equity have you built? |
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Hi there—this week I want to walk you through something that's quietly working in your favor: home equity. It's one of the most powerful wealth-building tools homeownership offers, and it's worth understanding.
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National Mortgage Rates · October 28, 2026
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Conventional 30-Year
7.22%
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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's growing value is working for you
Every mortgage payment you make builds equity—the difference between what your home is worth and what you still owe. As you pay down your loan, that gap grows. Over time, many homeowners find they have meaningful equity they can tap into if they need it, whether for home improvements, education costs, or other big expenses. The longer you stay in your home and the more you pay toward principal, the stronger this financial position becomes. If you're curious whether you might have equity available or want to understand how much you've built so far, I'm here to run the numbers with you. Let's talk about what your equity position looks like and what options might be available to you.
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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 Michael Collins team any time and we'll walk you through your options. |
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