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Mortgage Market Update
My Mortgage Company
Michael W Pehrson
Thursday, August 27, 2026
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Do you know how much equity you have? |
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Life changes. Sometimes your home can help you handle it. This week, we're looking at home equity and why it matters to your financial picture.
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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 equity could be working harder for you
If you've been paying your mortgage for a few years, you've likely built up equity—the difference between what your home is worth and what you still owe. That equity sits there quietly most of the time, but it can actually help you when you need it. Some borrowers use it to cover major expenses, fund renovations, or consolidate debt. Others keep it as a safety net. The key is knowing what options exist and when it makes sense to tap into it. If you're curious whether your equity could serve a purpose right now, I'd like to walk through what's realistic for your situation. Let's talk about how much equity you've built and what options might be available to 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
Michael W Pehrson
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