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Mortgage Market Update
Jason Erickson
Jason Erickson
Friday, November 6, 2026
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What to do with the equity you've built |
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Most borrowers don't think about their home equity until they need it — but it's worth understanding sooner. Here's what you should know.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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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Home Equity
Your home is building wealth — here's how to use it
If you've been paying a mortgage for a while, you likely have equity — the difference between what your home is worth and what you still owe. That's real wealth sitting in your property, and it can work for you in a few ways. Some people tap into it for major expenses or home improvements. Others use it to consolidate debt or lower their overall rate. The key is knowing what options exist and whether any of them fit your situation. Every homeowner's equity position is different, so what makes sense for your neighbor might not be right for you. I'd be glad to walk through what you have available and what the real costs and benefits would be if you're thinking about making a move. Let's talk about whether your equity could work harder for you.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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 Jason Erickson team any time and we'll walk you through your options. |
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