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Mortgage Market Update
Damara Cohn
Damara Cohn
Thursday, October 22, 2026
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How much equity do you actually have? |
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Most homeowners spend years building equity without stopping to think about it. Here's why it's worth paying attention to.
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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 Building
Your home is quietly working for you
Every mortgage payment you make builds equity—that's the difference between what your home is worth and what you still owe. Over time, this becomes real wealth you can tap into if you need to. Some homeowners are surprised to learn they have far more equity than they realized, especially if they've been in their home for several years or if the market has moved. Knowing your equity position matters because it opens doors: you might refinance into better terms, borrow against it for a major project, or simply understand your financial picture more clearly. It's worth checking in on where you stand. I'd be happy to help you get a clear picture of your current equity—just reach out.
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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 Damara Cohn team any time and we'll walk you through your options. |
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