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Mortgage Market Update
My Mortgage Company
Chris McGahan
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 shine a light on something many homeowners overlook—the quiet power of building equity in your home.
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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 even when you're not
Every mortgage payment you make builds equity—that's the difference between what your home is worth and what you still owe. Most people think about equity only when they're selling, but it's actually a powerful financial tool available to you right now. As you pay down your loan balance and your home appreciates over time, that equity grows. Some borrowers tap into it for home improvements, education, or other life goals through a cash-out refinance or home equity line. Others simply let it accumulate, knowing they're building real wealth. Either way, understanding your equity position helps you make smarter money decisions. I'd love to show you where you stand and explore what options might make sense for your situation. Reach out anytime—I can pull your current equity picture and talk through what it means for your 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
Chris McGahan
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