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Mortgage Market Update
Angela Comstock
Angela Comstock
Friday, November 6, 2026
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Where your payment actually goes |
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Hi there. Each mortgage payment works harder than you might think—and understanding how it works puts you in control of your financial picture.
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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
How much of your payment goes toward ownership
Every month, your mortgage payment is split two ways: part goes to interest, part goes to principal. Early on, most of your payment covers interest—that's just how mortgages work. But as time passes, more and more of each payment builds equity in your home. Understanding this breakdown matters because it shows you're not just paying a bill; you're building real wealth. The longer you stay in your home, the faster that equity grows. If you've been in your home for a few years, you might be surprised how much ownership you've already gained. Knowing your numbers helps you see the bigger picture of homeownership. If you'd like to see a breakdown of where your payment goes each month, I'm happy to walk through it with 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 Angela Comstock team any time and we'll walk you through your options. |
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