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Mortgage Market Update
My Mortgage Company
K. Frankie Larkins
Friday, November 6, 2026
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The wealth-building side of your mortgage |
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A lot of homeowners focus on their interest rate, but there's a bigger picture worth knowing about. Here's what's really happening with your monthly payment.
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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
How your monthly payment builds wealth
Every mortgage payment you make does two things: it covers interest to your lender, and it builds equity in your home. Early on, more of that payment goes toward interest. But as time passes, an increasing share goes straight into your pocket through equity growth. This is one of the most powerful reasons homeownership beats renting—you're building an asset with money you'd spend anyway. Understanding this can help you make smarter decisions about refinancing, additional payments, or tapping that equity later when you need it. The math works in your favor over time. I'd be happy to walk you through how your specific loan is building equity and what options that might open 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 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
K. Frankie Larkins
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