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Mortgage Market Update
My Mortgage Company
Standard Mortgage
Thursday, August 27, 2026
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Should you be using your home's equity? |
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Hi there—I hope you're staying warm this week. Today I want to talk about something that builds quietly in the background of homeownership and often goes overlooked.
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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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Home Equity
Your home's value is an asset—here's how to use it
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 powerful financial tool. Some borrowers tap into it through a home equity line of credit or a cash-out refinance to pay for a major expense, fund a renovation, or consolidate debt at a lower rate. The key is understanding that borrowing against your home is a real obligation, not free money. Before you decide whether it makes sense for your situation, it's worth talking through the details: how much equity you have, what rates and terms you'd qualify for, and whether the move aligns with your goals. If you're curious about what your equity position looks like, I'd be happy to walk through it with you.
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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
Standard Mortgage
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