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Mortgage Market Update
My Mortgage Company
Fernando Radillo
Friday, November 6, 2026
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How much equity do you have now? |
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One of the best parts of owning a home is that your mortgage payment is building real wealth. I wanted to walk you through how that works and why it's worth paying attention to.
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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
Your home is working for you every month
Every mortgage payment you make builds equity — the difference between what your home is worth and what you still owe. Over time, that adds up to real wealth sitting in your walls. The faster you pay down your loan, the more equity you own outright. Some borrowers find that making an extra payment or two per year, or rounding up their monthly payment, accelerates that process without feeling like a huge strain on the budget. Others refinance to a shorter loan term when rates or their financial situation allows. Knowing how much equity you've built can also open doors — you may be able to tap into it for major expenses, home improvements, or other financial goals. The key is understanding your own loan and what moves make sense for your situation. Let's talk about your equity and what your payoff timeline could look like.
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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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Your Mortgage Advisor
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My Mortgage Company
Fernando Radillo
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