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Mortgage Market Update
My Mortgage Company
Jeff Pritchard
Thursday, August 27, 2026
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The equity in your home, explained |
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Hi there. This week I want to cover something that often gets overlooked—but shouldn't. Your home equity is one of your most powerful financial tools.
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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 & Access
What your home equity can do for you
If you've been paying your mortgage for a few years, you likely have equity built up in your home—the difference between what your house is worth and what you still owe. That equity is real money, and it can work for you in several ways. Some people tap it to fund home improvements, pay off debt, or cover major expenses through a cash-out refinance or home equity line of credit. Others let it sit and grow as they build toward their long-term goals. The key is understanding what options exist and which might make sense for your situation. I'd be happy to walk through what your equity position looks like and what it could mean for your financial plans. Reach out if you'd like to talk about how your equity might serve 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
Jeff Pritchard
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