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Mortgage Market Update
My Mortgage Company
Lance Monson
Thursday, August 27, 2026
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Do you know how much equity you have? |
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Hi there—it's easy to focus on your monthly payment and forget about the bigger picture of your home's value. This week, I want to remind you about something that's probably growing quietly in the background: your equity.
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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 Basics
Your home equity could work harder for you
If you've been in your home for a few years and have paid down your mortgage, you've likely built equity—the difference between what your home is worth and what you still owe. That equity isn't just a number on paper; it can be a tool. Some homeowners use it to refinance into better terms, cover major expenses, or consolidate debt at a lower rate. Others tap it strategically when they need cash for home improvements or life events. The key is understanding what you have and whether it makes sense for your situation. If you're curious about your equity position or how it might help you reach a financial goal, I'd love to walk you through your options. Let's talk about how much equity you've built and what it could mean for 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
Lance Monson
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