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Mortgage Market Update
My Mortgage Company
Michael Farrell
Friday, November 6, 2026
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How much equity have you built? |
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Hi there—this week I want to talk about something that quietly builds value for you month after month: home equity.
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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 equity is working harder than you think
Every mortgage payment you make builds equity—that's the portion of your home's value you actually own. Over time, as you pay down your loan balance and your home's value holds steady or appreciates, that equity grows. It's one of the most powerful wealth-building tools available to homeowners, and many people don't fully realize how much they've accumulated until they need it. Whether you're thinking about a major home project, consolidating debt, or just want to understand your financial picture better, knowing your equity position matters. If you've owned your home for a few years, you may have more equity than you realize. I'd love to help you understand what you're sitting on and what options might be available to you. Let's talk about your equity and what it could mean for your goals.
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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
Michael Farrell
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