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Mortgage Market Update
My Mortgage Company
Paul Schmitt Mortgage Broker
Thursday, August 27, 2026
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How much equity do you have now? |
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Hello! This week I want to walk you through something many homeowners overlook—and it could be valuable.
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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 difference between what your home is worth and what you owe on it. Over time, this becomes real wealth. Some borrowers don't realize how much equity they've accumulated, which can open doors down the line: a home equity line of credit, a cash-out refinance to fund repairs or other goals, or simply a stronger financial position. The longer you've been paying your mortgage, the more this matters. If you've been in your home for a few years, it might be worth taking a moment to understand where you stand. That knowledge can inform big decisions. Let's talk about how much equity you've built and what options might make sense for your situation.
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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
Paul Schmitt Mortgage Broker
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