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Mortgage Market Update
My Mortgage Company
Pre-Fi
Friday, October 23, 2026
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Do you know how much equity you have? |
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Hi there. This week I want to cover something that often gets overlooked, but can open up real opportunities for homeowners like you.
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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 Check
Home equity: what it is and why it matters
If you've owned your home for a while, you likely have equity—the difference between what your home is worth and what you still owe on your mortgage. As you pay down your loan and your home's value changes, that equity grows. It's one of the most powerful financial tools available to homeowners, and many people don't realize how to use it. Depending on your situation, you might borrow against that equity for home improvements, debt consolidation, or other major expenses. The first step is understanding how much equity you actually have. I'd be happy to walk you through it and explore what options might make sense for your goals. Let's talk about your home equity and what it could mean for your financial plans.
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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
Pre-Fi
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