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Mortgage Market Update
My Mortgage Company
Carlos Scarpero
Friday, November 6, 2026
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Your mortgage is doing more than you think |
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Every month, homeowners build wealth they sometimes don't even realize. Here's how it works and why it matters.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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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
What your mortgage payments are actually doing
Every payment you make builds equity—that's the difference between what your home is worth and what you still owe. Early on, most of your payment goes toward interest, which can feel discouraging. But as time passes, more of each payment chips away at your principal balance. This is one of the biggest wealth-building tools available to homeowners, and it happens automatically. If you've owned your home for a few years, you may be surprised how much equity you've accumulated. Knowing this can help you make smarter decisions down the road, whether that's refinancing, using a home equity line, or simply understanding your financial progress. Let's talk about how much equity you might have built—it could open up some useful options for you.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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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