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Mortgage Market Update
My Mortgage Company
At Home With Gary Foote
Thursday, August 27, 2026
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Do you know how much equity you have? |
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Hi there. This week I want to touch on something many homeowners overlook: the equity sitting in their property right now.
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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 Check
Your home's equity might be worth more than you think
If you've owned your home for a few years, you likely have built up equity—the difference between what your home is worth and what you still owe on your mortgage. This equity can be a powerful financial tool. Some homeowners tap into it through a refinance or a home equity line of credit when they need funds for major expenses, home improvements, or debt consolidation. Others simply let it grow as part of their long-term wealth building. The key is knowing what you have. If you're curious about your home's current value and how much equity you've built, I'd be happy to run a quick assessment. It's information worth having, whether you act on it now or down the road. Let me know if you'd like to explore what your equity could 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
At Home With Gary Foote
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