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Mortgage Market Update
Tyler McNeilly
Tyler McNeilly
Thursday, October 22, 2026
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What's your home equity worth today? |
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Hi there. I'm sharing something this week that often surprises homeowners when they find out the actual number: how much equity they've built up over time.
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National Mortgage Rates · October 20, 2026
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Conventional 30-Year
7.33%
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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's equity might be worth more than you think
If you've owned your home for a few years, you likely have 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 powerful financial tool. Some homeowners use it to fund renovations, consolidate debt, or cover major expenses through a cash-out refinance or home equity line of credit. Others simply let it grow as part of their long-term wealth plan. The key is knowing what you have to work with. Even if you haven't had your home formally appraised recently, we can help you get a clear picture of your equity position and talk through whether tapping into it makes sense for your situation right now. If you'd like to explore your equity options, I'd love to walk you through it.
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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 Tyler McNeilly team any time and we'll walk you through your options. |
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