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Mortgage Market Update
My Mortgage Company
Luke Morris
Thursday, August 27, 2026
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How much equity do you have in your home? |
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Welcome back to your weekly mortgage update. This week, I want to talk about something that's working for you quietly in the background.
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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 quietly building wealth for you
Every mortgage payment you make does two things: it covers interest and reduces what you owe. That second part—paying down your loan balance—is equity. Over time, as you build equity, you're building real wealth in your home. Some of you may not realize how much equity you've already accumulated, especially if you've been in your home for several years or if your home's value has climbed. That equity can open doors. It can help you refinance into better terms, tap funds for home repairs or education, or strengthen your financial position overall. The longer you stay in your home and the more you pay down, the more equity works in your favor. I'd love to help you understand where you stand and what options might be worth exploring. Let's take a look at your equity—reach out anytime and we can talk through what it means for your 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
Luke Morris
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