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Mortgage Market Update
My Mortgage Company
Simone Phillip
Thursday, August 27, 2026
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How much equity do you have now? |
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This week we're talking about one of the smartest parts of homeownership: building equity with every payment. Here's what you should know.
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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 still owe. Over time, this becomes real wealth you can tap into. Some people use equity to refinance into better terms, fund a renovation, or cover a major expense. Others simply let it grow as their home appreciates and their loan balance shrinks. The sooner you start, the more equity you'll have accumulated by the time you need it. If you're curious about how much equity you've built so far or what options that might unlock for you, I'd love to walk through the numbers with you. Reach out if you'd like to talk about your equity position and what it might mean for your financial 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
Simone Phillip
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