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Mortgage Market Update
My Mortgage Company
Haymaker Home Loans
Friday, October 23, 2026
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How much of your home do you actually own? |
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Hi there—this week I want to walk you through something powerful that happens quietly on your mortgage: equity building. It's one of the smartest wealth-building tools available to homeowners, and it deserves your attention.
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National Mortgage Rates · October 21, 2026
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Conventional 30-Year
7.30%
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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 mortgage is building wealth every month
One thing I love explaining to homeowners is this: every payment you make goes partly toward interest and partly toward principal—that principal portion is equity you own outright. Over time, that balance tips more and more in your favor. Some of my clients are surprised to learn how much equity they've built after just a few years of payments, especially if their home has appreciated. That equity can become a real asset down the road—whether you tap it for a major expense, use it toward a down payment on another property, or simply enjoy the security of owning more of your home. If you've been in your house for a while and haven't thought about your equity position lately, it might be worth a conversation. I can help you understand what you've got and what options that opens up. Let's talk about your equity position and what it means for your financial future.
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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 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
Haymaker Home Loans
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