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Mortgage Market Update
Tyler McNeilly
Tyler McNeilly
Thursday, October 22, 2026
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What your home equity can do for you |
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Hello! This week I want to talk about something that's building quietly in the background every time you pay your mortgage.
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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 mortgage is working for you every month
Every payment you make builds equity—that's the difference between what your home is worth and what you owe. It's easy to think of your mortgage payment as just money gone, but you're actually building an asset. As time goes on, that equity grows, and it can become a useful tool down the road. Whether you're thinking about refinancing, making home improvements, or just want to know where you stand, understanding your equity is important. If you're curious about how much equity you have or what options that might open up, I'd love to walk you through it. Reach out if you'd like to discuss your home's equity and what it means for your future.
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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 Tyler McNeilly team any time and we'll walk you through your options. |
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