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Mortgage Market Update
Kevin Burrus
Kevin Burrus
Friday, November 6, 2026
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How much equity are you sitting on? |
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One of the best-kept secrets about homeownership is how quietly your wealth builds over time. I wanted to walk through how that actually works.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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
When your home starts working for you
Every mortgage payment you make does two things: one part covers interest and fees, the other goes straight toward building equity in your home. Over time, that equity piece grows—and it can become a real asset you can tap into if life throws you a curveball. The faster rates move or the sooner you can pay down principal, the quicker that wealth builds. Understanding how much equity you're building each month helps you see your mortgage as more than just a monthly bill—it's an investment in yourself. If you've been in your home for a while, you might be surprised at how much equity you've already accumulated. I'd be happy to run the numbers and show you exactly where you stand. Let's take a look at your equity position and talk about what options it opens up 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 Kevin Burrus team any time and we'll walk you through your options. |
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