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Mortgage Market Update
Samuel Ham
Samuel Ham
Friday, November 6, 2026
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One simple move to build equity faster |
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Hi there. I wanted to share something I see help a lot of homeowners take charge of their financial future. It's practical, straightforward, and completely optional—but it works.
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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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Paying Down Principal
What happens when you pay extra toward your mortgage
Every payment you make chips away at your loan balance, but did you know you can accelerate that process? When you pay extra toward principal—even small amounts—you're building equity faster and reducing the total interest you'll pay over the life of the loan. The mechanics are straightforward: extra payments go directly to reducing what you owe, which means less interest accrues on a smaller balance going forward. Some borrowers round up their monthly payment; others make one extra payment per year. It's not a requirement, and it won't change your regular payment obligation, but it's a powerful way to take control of your mortgage on your own terms. If you're curious whether this strategy makes sense for your situation, I'd love to walk through the numbers with you. Reach out if you'd like to talk through how extra payments could work in your plan.
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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 Samuel Ham team any time and we'll walk you through your options. |
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