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Mortgage Market Update
Andy Garretson
Andy Garretson
Friday, November 6, 2026
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How much equity have you actually built? |
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Hi there. I'm always amazed at how many homeowners don't realize how much wealth they've built into their homes over just a few years of payments.
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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 mortgage is working for you every month
One of the best parts of homeownership that doesn't get talked about enough: every payment you make builds equity. Unlike rent, which disappears, your mortgage payments go toward something you own. Over time, as you pay down the principal and your home holds or gains value, that equity grows—and you can tap into it if you ever need to. Whether you're thinking about a future project, consolidating debt, or just curious about where you stand, it's worth understanding what you've built so far. The best time to know your equity position is before you need it. Let me run the numbers on your equity and show you what options might be available.
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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 Andy Garretson team any time and we'll walk you through your options. |
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