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Mortgage Market Update
James Sands James Sands
James Sands
Monday, October 26, 2026
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Do you know how much equity you have? |
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Happy to share a thought this week on something many homeowners overlook. If you've built equity in your home, there's a real opportunity worth exploring.
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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 & Refinancing
What your home's equity can do for you
If you've been in your home for a few years, you likely have equity built up—the difference between what your home is worth and what you still owe. That equity isn't just a number on paper; it can be a real financial tool. Some owners use it to refinance into better loan terms, others tap it for home improvements or to consolidate debt. The right move depends on your goals and where rates stand. Before you decide anything, it helps to know roughly how much equity you have and what your options actually are. I can walk you through how much you might access and what it would look like in your monthly payment. Let's talk about whether tapping your equity makes sense for you right now.
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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 James Sands James Sands team any time and we'll walk you through your options. |
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