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Mortgage Market Update
Susan Joy Boyer
Susan Joy Boyer
Monday, October 26, 2026
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Do you know how much equity you have? |
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Hi there—this week I'm focusing on a tool that's often overlooked: the equity sitting in your home right now.
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National Mortgage Rates · October 23, 2026
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Conventional 30-Year
7.23%
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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 Check
Your home may be worth more than you think
If you bought your home a few years ago, there's a good chance you've built up equity—the difference between what your home is worth today and what you still owe on your mortgage. That equity can be a real financial asset. Some borrowers use it to fund home improvements, pay off higher-interest debt, or cover major expenses through a cash-out refinance or home equity line of credit. Others simply let it sit, which is fine too. The point is knowing what you have. A quick conversation about your home's current value can open up options you didn't realize were available. If you're curious whether a move makes sense for your situation, I'd love to help you explore it. Reach out if you'd like to talk about what your equity could do for you.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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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 Susan Joy Boyer team any time and we'll walk you through your options. |
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