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Mortgage Market Update
My Mortgage Company
Stephanie Washington — Stephanie Washington
Friday, November 6, 2026
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Where your mortgage payment really goes |
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Every month, your payment does more than just keep the lights on. Here's what's really happening with that money.
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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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Equity Building
What your monthly payment is actually doing
Every mortgage payment you make does two things: it pays interest to your lender, and it builds equity in your home. Early on, most of that payment goes toward interest. But as time passes, more of each payment goes straight into your pocket—literally building ownership stake in your property. Understanding this split matters because it shows you're not just paying rent; you're investing. The faster you pay down principal, the more wealth you're building. If you're curious about how much equity you've accumulated, or whether adjusting your payment strategy makes sense for your situation, I'd be happy to walk you through it. Let's talk about your equity and what it means for your financial future.
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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 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
Stephanie Washington — Stephanie Washington
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