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Mortgage Market Update
Raphael Bangiyev
Raphael S Bangiyev
Thursday, October 22, 2026
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Do you know how much equity you have? |
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Hi there—this week I want to touch on something that often surprises homeowners: the real value they've built in their home over time.
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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 Check
Your home's equity might be worth more than you think
If you've owned your home for a few years, you likely have equity built up—the difference between what your home is worth and what you still owe on your mortgage. That equity can be a real financial tool. Some homeowners tap into it through a cash-out refinance or a home equity line of credit to fund renovations, pay down debt, or cover major expenses. Others prefer to let it sit and grow. Either way, it's worth knowing roughly what you have. A quick conversation about your home's current value and your loan balance can open up options you might not have considered. If you're curious whether your equity could work for you, I'd love to walk through the possibilities. Let's talk about what your equity could do for you.
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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 Raphael Bangiyev team any time and we'll walk you through your options. |
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