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Mortgage Market Update
My Mortgage Company
Thomas O'Donnell
Thursday, August 27, 2026
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Do you know how much equity you have? |
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Hi, this week I'm sharing something that tends to surprise homeowners: how quickly equity builds when you're paying a mortgage. It's one of the best-kept secrets of homeownership.
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National Mortgage Rates · August 20, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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 home is working for you every month
Every mortgage payment you make builds equity—that's the portion of your home's value you actually own. Over time, as you pay down your loan balance and your home appreciates, that equity grows. It's one of the most powerful wealth-building tools available to homeowners, and it happens automatically with each payment. If you're curious about how much equity you've built, or whether it makes sense to tap into it for something important—a renovation, education, or debt consolidation—I'd love to walk through your options. The sooner you understand what you have, the better decisions you can make. Let me know if you'd like to talk about your equity and what it could mean for your financial goals.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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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
Thomas O'Donnell
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